EP welcomes European states partnership with China-backed bank
The president of the European Parliament, Martin Schulz, has welcomed the participation of four European countries in a new China-backed international development bank.
The announcement comes after Britain said last week that it would seek to be a founding member of the Asian Infrastructure Investment Bank (AIIB), which aims to fund projects such as new roads and telecommunications networks in the region. A number of close US allies, mainly, France, Germany and Italy, have now reportedly agreed to follow Britain's move and join the bank.
Speaking to reporters in Beijing on Tuesday, Schulz said, "I find it good that they join. If more member states would join I would find it even better.”
It is quite important that such new organizations answer to the requirements of international standards, the German politician added.
According to reports, South Korea, Switzerland and Luxembourg are also considering joining the AIIB.
US Assistant Secretary of State for East Asian and Pacific Affairs Daniel Russel told reporters on Tuesday that concerns about the AIIB remained, but it is up to individual nations to decide whether to join.
"Our messaging to the Chinese consistently has been to welcome investment in infrastructure but to seek unmistakable evidence that this bank...takes as its starting point the high watermark of what other multilateral development banks have done in terms of governance," Russel said.
"Every government can make its own decision about whether the way to achieve that goal is by joining before the articles of agreement are clarified or by waiting to see what the evidence looks like as the bank starts to operate," he added.
The AIIB was launched in the Chinese capital last year with the purpose of spurring investment in Asia in transportation, energy, telecommunications and other infrastructure. It is seen as a rival to the US-based World Bank and the Japan-dominated Asian Development Bank.
SF/GHN/HMV
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