Though strongly opposed by Japan and the US, China has hosted the signing ceremony of the Asian Infrastructure Investment Bank (AIIB). The UK, Germany, Australia and South Korea are among the founding members. Delegates from 50 countries signed articles that determine each member's share and the bank's initial capital. China will hold a 30.34% stake making it the largest shareholder of the bank, followed by India which will be the second-biggest shareholder with a possible 10-15% stake, this new international financial institution would be a rival to the World Bank and Asian Development Bank and will fund Asian energy, transport and infrastructure projects.