China’s AIIB to co-finance first project with ADB in Pakistan
May 04, 2016
- China-backed Asian Infrastructure Investment Bank (AIIB) will jointly finance a major new highway in Pakistan in its first co-financed project with the Asia Development Bank (ADB), the two policy banks said. The announcement on the project, a 64-kilometre-long stretch of the M4 highway that will connect Shorkot to Khanewal in Pakistan Punjab province, was made as the two banks signed an agreement to jointly finance projects at an ADB meeting in Germany on Monday.
Treasury official: China’s AIIB can be ‘constructive addition’
Apr 27, 2016
- The U.S. Treasury’s top international official said on Wednesday he believes China’s new development bank can be a “constructive addition” to the world’s multilateral lenders if it follows best practices and institutes proper safeguards.
China’s AIIB seeks to pave new Silk Road with first projects
April 19, 2016
- China’s flagship international development bank is hoping to pave a new Silk Road, with at least three of its initial projects focused on transport arteries in central Asia and Pakistan. The Asian Infrastructure Investment Bank will help fund a highway in Pakistan, a road project in Tajikistan, and a ring road in Almaty, Kazakhstan, according to people with knowledge of the projects and tender documents.
World Bank and Asian Development Bank sign deals with new $100bn China-backed lender AIIB
April 14, 2016
- The World Bank and the Asian Development Bank (ADB) have completely overturned their initial reservations about the China-sponsored Asian Infrastructure Investment Bank (AIIB) and actually begun participating in the development of the new bank. The World Bank Group president Jim Yong Kim yesterday signed the first co-financing deal with the AIIB president Jin Liqun for US$1.2 billion.
Hong Kong’s Inclusion in AIIB under Discussion
- The President of the Asian Infrastructure Investment Bank has arrived in Hong Kong for the first time since taking office to discuss, among other things, regional cooperation.
China-led AIIB to Loan $500 Million to India for Solar Energy Expansion
Apr 01, 2016
- The Asian Infrastructure Investment Bank (AIIB), where India is the second biggest shareholder after China, is looking to raise $500 million to support Prime Minister Narendra Modi’s plan to expand the country’s solar capacity to 100 gigawatts by 2022. The Beijing-based AIIB, which was launched in January this year, has an authorised capital of $100 billion. The newly created bank is looking to support global clean-energy initiatives, and could fund eco-friendly investment projects. India, one of the founding members of the AIIB, has been elected to the board of directors of the bank, which is expected to begin loan approvals before the end of this year. The AIIB is expected to lend $10 -$15 billion a year for the first five or six years and could start operations in the second quarter of 2016.
China to add 30 more nations to AIIB tally
March 26, 2016
- There are more than 30 countries waiting to join the China-led Asian Infrastructure Investment Bank (AIIB), in addition to its 57 founding members, the bank’s president said on Friday. BRICS members, China, India and Russia are the three largest shareholders, taking a 30.34 per cent, 8.52 per cent, 6.66 per cent stake, respectively. Their voting shares are calculated at 26.06 per cent, 7.5 per cent and 5.92 per cent.
IMF Chief Hopes BRICS Bank, AIIB Will Cooperate
- Managing Director of the International Monetary Fund (IMF) Christine Lagarde expressed hope on Sunday that the China-led Asian Infrastructure Investment Bank (AIIB) and the BRICS New Development Bank (NDB) work together. “We welcome the joining of the BRICS bank, the AIIB with its multistakeholder membership, because there is so much needed…There is a lot that is needed and to have one, two, three, four players on the international scene, addressing the needs of the region, addressing the needs in many corners of the world, where there has not been enough attention, enough investment directed — is great, if they can work together — the better,” Lagarde told reporters at the Advancing Asia conference in India.
India looks for funds from China-led AIIB
Feb 16, 2016
- Prime Minister Narendra Modi has asked the top officials to move fast to approach the AIIB for loans for some of the flagship projects of his government, particularly in agriculture, rural housing and railway sectors. The Ministry of Finance has accordingly asked the Ministry of Agriculture, Ministry of Rural Development (MoRD), Ministry of Water Resources and Ministry of Railways to prepare proposals to seek loans from the new bank, which is perceived as a counterweight to US-led World Bank and Japan-led Asian Development Bank.
China launches new AIIB development bank as power balance shifts
Jan 17, 2016
- Despite opposition from Washington, U.S. allies including Australia, Britain, German, Italy, the Philippines and South Korea have agreed to join the Asian Infrastructure Investment Bank (AIIB) in recognition of China’s growing economic clout. The AIIB is expected to lend $10 billion-$15 billion a year for the first five or six years and will start operations in the second quarter of 2016.
ADB to work with China-backed AIIB: Nakao
January 8, 2016
- The US-backed Asian Development Bank will cooperate with a major new Chinese-led multilateral lending institution and they plan to co-finance projects this year, the ADB’s president said Friday.
China Will Hold First Annual Meeting of AIIB in June
- Beijing will be the venue for the first annual meeting of the Asian Infrastructure Investment Bank (AIIB) in June
Germany to be the Largest Non-Regional Shareholder in AIIB
January 7, 2016
- After having approved plans to buy a stake in the China-led Asian Infrastructure Investment Bank (AIIB) earlier this October, the German government has finally lived up to its commitment by contributing $4.5 billion, making itself the fourth largest shareholder after China, India and Russia. Germany will partner with the AIIB closely for the fulfillment of its mandate and tasks. This includes compliance with international standards, the German Embassy said in a statement.
Philippines to join China-backed Asian infrastructure bank
December 30, 2015
- The Philippines said Wednesday it will join the China-backed Asian Infrastructure Investment Bank, despite being engaged in a dispute with Beijing over its claims in the South China Sea. “The two (AIIB membership and the maritime dispute) are totally unrelated,” Philippine foreign department spokesman Charles Jose told AFP Wednesday. “The decision of the Philippines to be one of the founding members of the China-led AIIB is based on the country’s economic development imperatives,” President Benigno Aquino’s spokesman Herminio Coloma told AFP.
China-backed AIIB formally established in Beijing
December 25, 2015
- China-backed Asian Infrastructure Investment Bank (AIIB) in which India is a founder member along with other 56 countries was today formally established here and expected to start operation next month. “The AIIB is legally established as the Articles of Agreement take effect today,” China’s Finance Minister Lou Jiwei said. Articles of Agreement outline the financial share of each founding member as well as rules for policymaking, governance structure and business and operational systems for the bank.
China Creates a World Bank of Its Own, and the U.S. Balks
DEC. 4, 2015
- As top leaders met at a lush Bali resort in October 2013, President Xi Jinping of China described his vision for a new multinational, multibillion-dollar bank to finance roads, rails and power grids across Asia. Under Chinese stewardship, the bank would tackle the slow development in poor countries that was holding the region back from becoming the wealth center of the world. Afterward, the United States secretary of state, John Kerry, caught up with Mr. Xi in the corridor. “That’s a great idea,” Mr. Kerry said of the bank, according to Chinese and American aides briefed on the encounter. The United States worries that China will use the bank to set the global economic agenda on its own terms, forgoing the environmental protections, human rights, anticorruption measures and other governance standards long promoted by its Western counterparts. American officials point to China’s existing record of loans to unstable governments, construction deals for unnecessary infrastructure, and villagers abruptly uprooted with little compensation. But the administration suffered a humiliating diplomatic defeat last spring when most of its closest allies signed up for the bank, including Britain, Germany, Australia and South Korea. Altogether 57 countries have joined, leaving the United States and Japan on the outside.
UK says first in G7 to ratify China-backed development bank
Dec 3, 2015
- Britain said it had become the first Group of Seven economy to sign off on the rules of a China-backed development bank for Asia, which is seen by the United States as an unwelcome rival to Western-led institutions such as the World Bank. Britain was the first non-Asian country as well as the first from the G7 to ratify the Asian Infrastructure Investment Bank’s articles of agreement, he said.
China-backed AIIB to lend $10-15 bln a year for first five years: president-designate
Dec 1, 2015
- The president-elect of China’s new international development bank said he expects the institution to lend $10 billion-$15 billion a year for the first five or six years, and sought to allay concerns that the lender will be a tool of Beijing. He said the U.S. dollar would be the operating currency of the bank but the institution would consider financing requests in other currencies, including the yuan.
China’s legislature ratifies AIIB agreement
- China’s top legislature on Wednesday ratified the Asian Infrastructure Investment Bank (AIIB) agreement, which establishes the legal framework for the bank. Lawmakers voted on the agreement at the closing meeting of the bimonthly session of the National People’s Congress (NPC) Standing Committee. The ratification is a significant step closer to the AIIB’s formal establishment, slated for the end of 2015, as China is the bank’s largest shareholder.
Indonesia to contribute 3.73 trln rupiah to China’s AIIB in 2016 – finance min official
Oct 6, 2015
- Oct 6 Indonesia will make available 3.73 trillion rupiah ($261.92 million) to China-backed Asian Infrastructure Investment Bank (AIIB) next year, Suahasil Nazara, head of fiscal policy office at finance ministry, said on Tuesday. Indonesia has said it will contribute $672.1 million of capital for AIIB in five years, making it the eight largest shareholders in the bank.
Over 20 countries on ‘waiting list’ to join AIIB: China
September 19, 2015
- More than 20 countries are waiting to join the China-initiated Asian Infrastructure Investment Bank (AIIB), its designated president said today as he allayed concerns it was aimed to challenge US and Japanese influence in the region. The number could bring the AIIB on a par with or even surpass membership in the Japan-led Asian Development Bank (ADB), which currently has 67 members, 19 of them outside of the Asia Pacific, according to its website.
China-led infrastructure bank AIIB to grow to 70 members ‘soon’, sees first projects early 2016
Sep 9, 2015
- The fledgling Asian Infrastructure Investment Bank’s membership will increase by about a fifth to 70 “soon”, the president-designate of the China-backed bank said. “We do have quite a number of countries waiting outside to join,” said Mr Jin Liqun, speaking in Seoul on his first overseas visit since becoming the bank’s president-designate. “I’d expect very soon we will have more than 70 countries.” Mr Jin declined to name any of the potential members that may join the 57 founders.
AIIB appoints Jin Liqun as president – Xinhua
Aug 24, 2015
- The Asian Infrastructure Investment Bank (AIIB) has appointed Jin Liqun, a former Chinese deputy finance minister, as its president, state news agency Xinhua said on Monday.
China to hold slightly over 30 percent of new development bank
Jun 29, 2015
- China will hold a 30.34 percent stake in the Asian Infrastructure Investment Bank (AIIB), the Finance Ministry said on Monday, making Beijing the largest shareholder in a multilateral institution that will project the country’s growing soft power. China will have 26.06 percent of the voting rights in the bank, a Chinese-led development bank that will rival institutions such as the World Bank and the Asian Development Bank.
57 countries hold signing ceremony to launch China-led bank
Jun. 29, 2015
- Countries from five continents formally signed up Monday to the China-led Asian Infrastructure Investment Bank — a potential rival to the Washington-based World Bank — as Beijing steps up its global diplomatic and economic role. Australia was the first country to sign the articles of association creating the AIIB’s legal framework at a ceremony in Beijing’s Great Hall of the People, an AFP journalist saw, followed by 49 other founding members.
Russia Will Hold Key Positions In China-Led Asian Infrastructure Investment Bank
- “Russia would at least be among AIIB’s top five countries, so it would qualify for an appropriate voting share and a relevant share of the bank’s management,” Andrey Denisov, the country’s first deputy foreign minister, told its official RIA Novosti news agency. Russia is one of 57 nations that have signed on to become prospective founding members of the Beijing-based $100-billion development bank that was launched last October.
China Said to Likely Enjoy Veto Power over AIIB’s Big Decisions
- China will likely have 26 percent of the voting rights in the Asia Infrastructure Development Bank (AIIB), giving it veto power over its important decisions, a person with knowledge of the matter says
Australia to join China-led AIIB as founding member
24 June 2015
- Australia has said it will join a China-led infrastructure bank as a founding member, contributing 930m Australian dollars ($718.5m; £455m) over five years. The move will make Australia the sixth biggest shareholder of the Asian Infrastructure Investment Bank (AIIB).
New Zealand to Contribute Over $87Mln to AIIB
- New Zealand will invest more than $87 million in the Asian Infrastructure Investment Bank (AIIB), the country’s government announced on Monday
AIIB founding members rise to 57
- Sweden, Israel, South Africa, Azerbaijan, Iceland, Portugal and Poland have been approved as prospective founding members of the Asian Infrastructure Investment Bank (AIIB), China’s Ministry of Finance said on Wednesday. The latest approval brings the number of prospective founders to 57, the ministry said.
Egypt, Norway, Russia approved as AIIB founders
- BEIJING, April 14 (Xinhua) — Egypt, Norway and Russia have been approved as prospective founding members of the Asian Infrastructure Investment Bank (AIIB), China’s Ministry of Finance said on Tuesday. This brings the number of prospective founders to 50, the ministry said.
Australia approved as AIIB founder
- BEIJING, April 13 (Xinhua) — Australia has been approved as a prospective founding member of the Asian Infrastructure Investment Bank (AIIB), China’s Ministry of Finance said on Monday. This brings the number of prospective founders to 47.
Taiwan unable to become AIIB prospective founding member: China
- Taiwan is unable to become one of the prospective founding members of the China-proposed Asian Infrastructure Investment Bank (AIIB), a Chinese official said Monday without giving any reasons.
China-led AIIB will be lean, clean and green – official
Apr 11, 2015
- (Reuters) – The China-led Asian Infrastructure Investment Bank (AIIB) will be lean, clean and green, its interim chief said, playing down concerns over transparency and standards governing the institution. The $50 billion bank, expected to start operations by the end of the year, is attracting a growing list of countries, from Britain to India to New Zealand.
Spain, ROK, Austria approved as AIIB founding members
April 11, 2015
- Spain, the Republic of Korea and Austria have been approved as prospective founding members of the Asian Infrastructure Investment Bank (AIIB), the Ministry of Finance said on Saturday. This brings the number of prospective founders to 41, the ministry said.
China-Led Infrastructure Bank to Welcome U.S. ‘Anytime’
- China is keeping the door open for the U.S. to join its new development bank “anytime,” the lender’s chief said, after the Obama administration failed to persuade most allies to snub the lender.
Turkey joins AIIB as founding member
April 10, 2015
- Turkey has been approved as a prospective founding member of the Asian Infrastructure Investment Bank (AIIB), the Ministry of Finance said on Friday. This brings the number of prospective founders to 38, the ministry said.Membership will be finalized on April 15.
Malta, Kyrgyzstan join AIIB as founding members
- Malta and Kyrgyzstan have been approved as prospective founding members of the Asian Infrastructure Investment Bank (AIIB), China’s Ministry of Finance said on Thursday. This brings the number of prospective founders to 37, the ministry said.Membership will be finalized on April 15.
Iran, UAE become AIIB prospective founding members
- BEIJING, April 7 (Xinhua) — Iran and United Arab Emirates (UAE) have been approved as founding members of the Asian Infrastructure Investment Bank (AIIB), China’s Ministry of Finance announced on Tuesday. The decision was made by all existing members, including China, France, Germany, India, Italy and the United Kingdom. The total number of prospective founders has now increased to 35.
Italy and France officially become founding AIIB members
April 2, 2015
- Italy and France have been approved as prospective founding members of the Asian Infrastructure Investment Bank, China’s Ministry of Finance announced on Thursday.
Germany becomes AIIB prospective founding member
- Germany has been approved as a prospective founding member of the Asian Infrastructure Investment Bank (AIIB), China’s Ministry of Finance announced on Wednesday. The decision was made by all existing members after discussion, which include China, India, Malaysia, Singapore, Thailand and Kazakhstan. The total number of prospective founding members has now increased to 31.
China-Led Development Bank Gains Global Support; UK, Switzerland Approved As Founding Members
March 28 2015
- The U.S. is finding itself increasingly isolated as more of its allies seek to join the China-led Asian Infrastructure Investment Bank (AIIB). A day after Brazil announced it is “very interested” in joining the AIIB, China’s finance ministry reportedly said on Saturday that the U.K. and Switzerland had been accepted as the founding members of the bank. The latest move increases the founding members of the bank to 30, a representative of China’s finance ministry said, according to media reports.
Stampede to Join China’s Development Bank Stuns Even Its Founder
APRIL 2, 2015
- he sudden rush to join China’s new Asian development bank by this week’s deadline, including last-minute applications by countries hardly considered Beijing’s best friends, astonished even the Chinese. Few in Beijing had believed that Taiwan, still considered a breakaway territory by China, would want in. Same for Norway, whose relations with the Chinese have been chilly since its decision five years ago to award the Nobel Peace Prize to a dissident Chinese writer. “Such wide and warm support was unexpected,” said Jin Canrong, professor of international studies at Renmin University in Beijing.
Israel Joining China-led AIIB, Germany Approved as Founding Member
Apr 02, 2015
- Israel has confirmed reports that it is joining the Asian Infrastructure Investment Bank (AIIB), as the Israeli Foreign Ministry announced on April 1, Wednesday, that Prime Minister Benjamin Netanyahu signed a letter of application for Israel to join the China-led bank. Israel made the announcement through an statement released on its website, the Global Times reported.
Poland seeks to join Asian Infrastructure Investment Bank
Apr 2, 2015
- (Reuters) – Poland plans to join the Asian Infrastructure Investment Bank (AIIB), Deputy Finance Minister Artur Radziwill said on Thursday. “Poland sent to the secretary of the newly created Asian Infrastructure Investment Bank the so-called endorsement letter,” Radziwill said in a statement.
Norway keen to join China-led aid bank
31 Mar 2015
- Norway said on Tuesday that it wanted to join the China-backed Asian Infrastructure Investment Bank, even though Beijing has snubbed Oslo since the Nobel Peace Prize was awarded to a Chinese dissident. “Norway is a substantial contributor to global development efforts, and wishes to join countries from Asia and other parts of the world in further refining the structure and mission of the AIIB,” Foreign Minister Børge Brende said in a statement.
Taiwan to apply to join China-backed AIIB investment bank
Mar 31, 2015
- (Reuters) – Taiwan will submit an application to join the Beijing-led Asian Infrastructure Investment Bank (AIIB) on Tuesday, despite historical animosity and a lack of formal diplomatic relations between the island and China. In a statement released late on Monday, Taiwan presidential office spokesman Charles Chen said joining the AIIB will help Taiwan in its efforts at regional economic integration and raise the possibility of joining other multinational bodies.
China’s Finance Ministry welcomes Kyrgyzstan to join AIIB
- China’s Ministry of Finance welcomed Kyrgyzstan application to join the Asian Infrastructure Investment Bank (AIIB) on Tuesday. The ministry website said Kyrgyzstan will become a founding member on April 9 if other members approve.
Finland confirms to join China-proposed investment bank
- HELSINKI, March 30 (Xinhua) — Finland is going to apply for membership in the Asian Infrastructure Investment Bank (AIIB), Finnish Finance Minister Antti Rinne confirmed on Monday. “For years China has been encouraged to take more responsibility in the development on international institutions in the finance sector. Now that China has proceeded to doing this, Finland wants to show its support for the endeavour”, Rinne said in a press release in Finnish language. “AIIB can bring an important input to the economic growth of Asia. Many Finnish companies have special competence in the areas AIIB is focusing on. I hope they will be able to benefit from the possibilities”, the minister said.
Sweden to apply to join China-backed AIIB investment bank – local media
March 30 2015
- (Reuters) – Sweden will apply to join the Beijing-led Asian Infrastructure Investment Bank (AIIB), Sweden’s finance minister said on Monday, the latest European nation to join the institution in spite of concerns from the United States. “As one of the founders you have a better position to influence, like steering it towards sustainable investments,” Sweden’s Finance Minister Magdalena Andersson said, according to local news agency TT.
Egypt adds name to join China-backed AIIB investment bank
30 Mar 2015
- BEIJING, March 30 (Reuters) – Egypt will apply to become of member of the Beijing-led Asian Infrastructure Investment Bank (AIIB), China’s Ministry of Finance said in a statement on its website Monday. The ministry said China welcomes the application and Egypt will become a member on April 14 if the process goes smoothly.
Denmark applies to join China-backed AIIB investment bank
Mar 30, 2015
- Denmark has applied to join the Beijing-led Asian Infrastructure Investment Bank (AIIB), China’s Ministry of Finance said on Sunday, becoming the latest European power to join the institution despite misgivings of the United States. The Ministry of Finance said that Denmark has written to China to “announce its intention to apply to be a founding member” of the AIIB.
Australia to Join Regional Development Bank Led by China
MARCH 28, 2015
- BEIJING — Australia plans to join an Asian infrastructure bank led by China, the government announced on Sunday, reversing an earlier decision taken at the urging of the United States not to become a member. The move made Australia the latest of a list of major American allies to sign up. The office of Prime Minister Tony Abbott said in a statement that Australia still had concerns about the management of the bank but recognized the pressing needs for infrastructure in Asia. The decision will allow Australia to “participate as a prospective founding member in negotiations to set up the bank,” the statement said.
China welcomes Netherlands, Brazil, Georgia to AIIB
- China’s Ministry of Finance said Saturday that the country welcomes the decisions of the Netherlands, Brazil and Georgia to apply to join the Asian Infrastructure Investment Bank (AIIB). They will become founding members on April 12 if other members approve, according to a statement on the ministry website.
Brazil says will join China-backed Asia investment bank
March 27 2015
- Brazil said on Friday it had accepted China’s invitation to join its Asian Infrastructure Investment Bank (AIIB) as a founding member. “Brazil is very interested in participating in this initiative,” the office of President Dilma Rousseff said in a short statement. It said no conditions were made for joining.
Russia to apply for China-led infrastructure bank AIIB – Deputy PM
March 28, 2015
- Russia decided to apply to join the China-led Asian Infrastructure Investment Bank (AIIB), the country’s Deputy Prime Minister Igor Shuvalov said on Saturday. “I would like to inform you about the decision to participate in the AIIB,” which was made by Russian President Vladimir Putin, Shuvalov said at the Boao Forum for Asia. “We are delighted to be able to step up cooperation in the format of the Eurasian Economic Union (EEU) and China…the free movement of goods and capital within the EEU brings economies of Europe and Asia closer. This is intertwined with the Silk Road Economic Belt initiative, launched by the Chinese leadership,” he said.
US stance against China-led bank ’embarrassing’: ex-Goldmans exec
March 26, 2015
- Washington’s opposition to a new China-led development bank is “embarrassing” and “idiotic”, a former top Goldman Sachs executive said on Thursday, as an increasing number of US allies embrace the institution. The Obama administration has been waging an intense but low-profile lobbying campaign against the new bank, unveiled in October. Officials have insinuated that the AIIB would lower international development standards but Washington apparently underestimated China’s appeal. Several observers have cast blame for the debacle on US lawmakers.
Turkey plans to join China-led Asian infrastructure bank -Treasury
March 26 2015
- Turkey intends to become member of the China-led Asian Infrastructure and Investment Bank, the Treasury said on Thursday. At least 35 countries will join the China-led Asian Infrastructure Investment Bank (AIIB) by the deadline of March 31. India, Indonesia and New Zealand have also expressed interest in joining the bank, following a request by Britain, France, Italy and Luxembourg to become founding members.
S. Korea to join China-led infrastructure investment bank
- SEJONG, March 26 (Yonhap) — South Korea will join the China-led regional development bank as one of its founding members, the finance ministry announced Thursday, helping bolster the Asian neighbor’s growing clout in the region that is alerting the U.S. The ministry said the decision to become a member of the Asian Infrastructure Investment Bank (AIIB) has been made with the country’s best interest in mind. The move was anticipated as China is South Korea’s largest trading partner, surpassing the United States, and a key destination for business investments. The two countries inked a free trade pact, and Seoul is striving to become a leading renminbi hub in the coming years.
US risks epic blunder by treating China as an economic enemy
25 Mar 2015
- The US Treasury’s attempt to cripple the Asian Infrastructure Investment Bank (AIIB) before it gets off the ground is clearly intended to head off China’s ascendancy as a rival financial superpower, whatever the faux-pieties from Washington about standards of “governance”. Washington has enraged Britain by trying to browbeat Downing Street into boycotting the project. It has forced allies and friendly countries across the Far East to make a fatal choice between the US and China that none wished to make, and has ended up losing almost everybody. Germany, France, and Italy are joining. Australia and South Korea may follow soon.
Austria decides to join establishment of AIIB: FM spokesperson
- Austria has decided to participate in the establishment of Asian Infrastructure Investment Bank (AIIB), a foreign minister spokesperson told Xinhua on Tuesday. The decision was made after a cabinet meeting Tuesday, the spokesperson said. Together with Britain, France, Germany, Luxembourg and Switzerland, Austria has become the 6th European state who intends to join the China-proposed AIIB.
AIIB Can Cement China as a World Power
Mar 21, 2015
- The Asian Infrastructure Investment Bank (AIIB) is set to boost China’s openness to the rest of the world. Ever since it was established, the China-led financial institution has gained widespread acceptance from other countries. Luxembourg, for one, already said that it will apply to become a prospective founding member, apart from the 32 countries who also applied. More countries are expected to apply in the coming weeks.
Switzerland says to participate in Asian Infrastructure Investment Bank
- The Federal Council of Switzerland on Friday announced its decision to participate in the foundation process of the China-proposed Asian Infrastructure Investment Bank (AIIB). In an official statement issued on Friday, Switzerland said it had submitted the necessary letter of intent to this new financial institution .
Luxembourg confirms to become founding member of AIIB
- Luxembourg has already submitted its candidacy to become a prospective founding member of the Asian Investment Bank for Infrastructure (AIIB), the Finance Ministry of Luxembourg confirmed to Xinhua on Wednesday. “With its adherence to the AIIB initiative, Luxembourg, as an important international financial center hosting an increasing number of Asian banks and a facilitator of investments between Europe and Asia, is ready to further develop its role as bridge-builder and gateway between the two continents,” commented the minister Pierre Gramegna, in an interview by Xinhua.
IMF head welcomes China-backed bank on Beijing visit
March 23, 2015
- International Monetary Fund head Christine Lagarde said Monday she welcomed Beijing’s creation of a new infrastructure bank — an institution that has drawn support from Europe and scepticism from Washington.
Hostility From U.S. as China Lures Allies to New Bank
MARCH 19, 2015
- “The administration made a major mistake in its opposition. It was a very shortsighted,” said Paul Haenle, director of the Carnegie-Tsinghua Center in Beijing. “The bank was going to go ahead whether we supported it or not.” The willingness of Britain to join the China bank over American objections was an especially clear sign of China’s sophisticated strategy for winning friends, and Washington’s failure to respond effectively.
Diplomatic disaster: Obama humiliated by allies’ rush to join China’s new bank
March 18, 2015
- The battle of wills between Beijing and Washington over a China-sponsored development bank for Asia is turning into a rout, and the Obama administration has found itself isolated and embarrassed as its top allies lined up this week to join the proposed Asian Infrastructure Investment Bank. In what one analyst dubbed a “diplomatic disaster” for the U.S., Britain became the first major European ally to sign on as a founding member of the Shanghai-based investment bank, joined quickly by France, Germany and Italy, which dismissed public and private warnings from the U.S. about the bank’s potential impact on global lending standards and the competition it could provide to existing institutions such as the U.S.-dominated World Bank.
China gloats as Europeans rush to join Asian bank
March 18 2015
- In a commentary piece titled “Washington, what are you waiting for?” state news agency Xinhua described the United States as “petulant and cynical” for declining to join the Asian Infrastructure Investment Bank (AIIB). It said the bank was open to all nations but said Washington’s “sour grapes” left it looking “isolated and hypocritical.” “The administration has made a major mistake. Not just our refusal to take part in the bank, but the pressure on our allies not to take part, was very short-sighted,” said David Sedney, a senior fellow at the Atlantic Council and former senior State Department official. “I understand the concerns about standards, but being in opposition to it has meant we don’t have the ability to influence it. And it is clearly going to go ahead whether we support it or not.”
3 European Powers Say They Will Join China-Led Bank
MARCH 17, 2015
- Ignoring direct pleas from the Obama administration, Europe’s biggest economies have declared their desire to become founding members of a new Chinese-led Asian investment bank that the United States views as a rival to the World Bank and other institutions set up at the height of American power after World War II. The announcement by Germany, Europe’s largest economy, came only six days after Secretary of State John Kerry asked his German counterpart, Frank Walter-Steinmeier, to resist the Chinese overtures until the Chinese agreed to a number of conditions about transparency and governing of the new entity. But Germany came to the same conclusion that Britain did: China is such a large export and investment market for it that it cannot afford to stay on the sidelines.
‘Hegemony Challenged’: UK joins China-led bank, US barks back
Mar 14, 2015
- The UK government considers membership of the China-led Asian Infrastructural Investment Bank (AIIB) of British national interest. However, the decision was given the cold shoulder by the US which sees the AIIB as rival to the Western financial system.
Dragon Rising: China backed intl-bank sparks US outrage
Mar 17, 2015
- The institution will directly compete with the America-backed World Bank and the IMF. It will provide loans for infrastructure projects – some of which would be unlikely to get support elsewhere.
Why Britain Joining China-Led Bank Is a Sign of American Decline
- Some events are epochal. The decision by Great Britain to join the Asian Infrastructure Investment Bank was one such event. It may have heralded the end of the American century and the arrival of the Asian century.
World Bank chief says welcomes China-backed development bank
Mar 13, 2015
- The president of the World Bank said on Friday he welcomed the setting up of the China-backed Asian Infrastructure Investment Bank (AIIB), a day after Britain became the first Western nation to embrace the institution. “From the perspective simply of the need for more infrastructure spending, there’s no doubt that from our perspective, we welcome the entry of the Asian Infrastructure Investment Bank,” he said.
Asian Infrastructure Investment Bank: France, Germany and Italy said to join
17 March 2015
- A senior US diplomat said it was up to individual countries to decide on joining a new China-led lending body, as media reports said France, Germany and Italy have agreed to follow Britain’s lead and join the Asian Infrastructure Investment Bank (AIIB).