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(27,137 posts)UK snubs US to join China-led Asian bank
March 13, 2015, 5:25 am
Overlooking US censure, the UK has announced its decision to join Chinas Asian Infrastructure Investment Bank, becoming the first major western country to apply for membership.
I am delighted to announce today that the UK will be the first major Western country to become a prospective founder member of the Asian Infrastructure Investment Bank, which has already received significant support in the region, said UK Finance Minister George Osborne on Thursday.
Joining the AIIB at the founding stage will create an unrivalled opportunity for the UK and Asia to invest and grow together, he added. In a landmark achievement, 21 Asian nations including China and India in October last year signed on the creation of a new infrastructure investment bank which would rival the World Bank. The new Bank has a capital target of more than $100 billion.
The governments of Bangladesh, Brunei Darussalam, Cambodia, China, India, Kazakhstan, Kuwait, Lao PDR, Malaysia, Mongolia, Myanmar, Nepal, Oman, Pakistan, Philippines, Uzbekistan, Qatar, Singapore, Sri Lanka, Thailand, Uzbekistan, Vietnam signed on as founding members of the new Asia Infrastructure Investment Bank (AIIB) in Beijing.
The UK will join discussions later this month with other founding members, said a UK government statement on Thursday.
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