European giants side with UK in Chinese World Bank row with US

[Keel]

March 20, 2015 7:30pm
China awaits AIIB decisions by S. Korea, Japan, Australia | GlobalPost

US initiated the isolation and finally seeing themselves isolated
What a shame!
Make sure the AIIB wont become just a branch of IMF/World Bank in Asia

A micro teapot carved out of a walnut
Teapot body is embellished with blossoming
daffodils by relief carving technique

 

[j20blackdragon]

Anyone knows why Russia isn't in AIIB?

Russia is in this one.

New Development Bank - Wikipedia, the free encyclopedia

 

[terranMarine]

34 members now
here's a list of the current members Asian Infrastructure Investment Bank - Wikipedia, the free encyclopedia

 

[mike2000]

Fair distribution. China contribute half the money, so half the share. If you vietnam want half the share, why not contribute USD 50 billion?


We already lend Russia USD400billion for oil deal and another 100billion for HSR. so they are loaded at the moment.

WTH? You are comparing a trade deal with loans?lool Since when did Russia borrow 100 billions doallrs from China??loool Come back to reality bro. Thing is, we Europeans understand Russia better than you Asians do. Russia is ok with being strategic partners or even allies with China, since you both need each oither to counter the west/U.S. However dont make the mistake of thinking Moscow will like to see you people being dominant in any way, especially when it means you forming an economic bloc/group in which you are the leaders like in this case AIIB. Reason Moscow, despite needing alot of cash due to its financial crisis and sanctions, hasnt and wont join your bank. To them its null and void. They wont ever accept being seen rightly or not as playing second fiddle to you in a group, since it will be an embarassement for them, as they consider they have been 'superior' to you for much of their history/patron. So it will be an embarassment for them to be in any group which they thjink you will dominate. Thats the simple truth. So you better acknowledge the reason they dont want to join, instead of beating around the bush. lool Thats geo politics for you. hihihihihihi By the way, they created the Eurasian Union to bring central Asian countries in their orbit for some reason you know.

 

[TaiShang]

Interesting article, especially if you read within the context of US' frantic moves to undercut the AIIB. Shows the underlying insecurity. US paranoia is not limited to hard matters, but also to soft (economic) matters.


Washington's paranoia has a clear purpose
By Chen Weihua
March 20, 2015

Many know that Washington has been suffering from serious dysfunction, as was reflected in the latest Gallup poll in which Americans said the government was the US' No 1 problem, but few realize that the symptoms of paranoia are worse.

On Tuesday, at the Atlantic Council, a think tank in Washington, a group of so-called experts were discussing the implication of the emerging anti-access/area-denial capabilities in the Asia-Pacific region. The views of most countries, from Singapore and Thailand to Vietnam and the Philippines, were presented. Yet not only was there no speaker from China, which was the focal point of the talk, but also none of the panelists mentioned the Chinese perspective.

Instead, the three panelists, two with a Pentagon background and the third having once worked for the Japanese embassy in Washington, described how China with its growing military power poses a threat to the US and every other country in the region. One said China could shoot down satellites, while another asserted that China could use its missiles to attack Japan. They then started to emphasize how every country in the region is scared of China and seeking help from the US.

Sitting 3 meters from the podium, I probably should have been worried about my safety in case one of the panelists ran amok and threw a chair at me. Fortunately, I don't suffer from the same paranoia the panelists exihibited. The only thing I did was to tell them that using their logic, the US, with its advanced weaponry, could attack every country and destroy the planet 10 times, if not 100 times, over.

If the Chinese suffered from the same paranoia, the just-concluded annual session of the National People's Congress, the top legislature, should have raised China's military spending by 50 percent this year, instead of just 10 percent, which is less than the increase in 2014.

Even if China's A2/AD strategy exists, it is defensive in nature, while the US Air Sea Battle, renamed this year as the Joint Concept for Access and Maneuver in the Global Commons (JAM-GC) is offensive and preemptive. However, the panel didn't touch on this.

Hyping the "China threat" theory is nothing new in Washington, the center stage for US military complex lobbying. But it has intensified lately amid the fight between the Congress and the Barack Obama administration over the 2016 budget.

That is why the other major news in Washington this past week has been how Russian missiles pose a threat to the US after William Gortney, commander of the North American Aerospace Defense Command (NORAD), said on March 12 that Russia is continuing to work on its program to deploy "long-range conventionally armed cruise missiles" that can be launched from its bomber aircraft, submarines and warships. "Should these trends continue over time, NORAD will face increased risk in our ability to defend North America against Russian air, maritime and cruise missile threats," he told the Congress.

Gortney's remarks have alarmed US senators and the country, for they fear the Russian missiles "can range critical infrastructure in Alaska and in Canada that we rely on for a homeland defense mission".

What Gortney and defense lobbyists did not say is that the US poses a far greater threat to other countries with its monstrous military spending in 2014, equaling the combined expenditures of the next top 10 military spending countries.

The US is the largest exporter of major weapons, dominating 31 percent of the global market, according to the report of Stockholm International Peace Research Institute, issued on March 16. Regardless, fear-mongering in Washington has been effective.

The Gallup poll in February showed that 34 percent Americans, the highest since 2001, believe the US spends "too little" on its military. There is thus little doubt that Washington's severe paranoia has a clear purpose.

 

[TaiShang]

 

[TaiShang]

Europe Gets ‘Foot in The Door’ in Asia by Joining AIIB

A number of European states decided to join the Asian Infrastructure Investment Bank (AIIB) planning to pursue an economic presence in Asia.

MOSCOW (Sputnik), Anastasia Levchenko – The European countries that have decided to become members of the China-backed Asian Infrastructure Investment Bank (AIIB) want to ensure an economic presence in the most dynamic economic region in the world, experts told Sputnik on Tuesday.

AIIB is a Chinese alternative to Western-dominated financial institutions, such as the World Bank or International Monetary Fund, focusing on investment in the development of Asia's infrastructure. A number of European states have decided to join the AIIB despite US concerns.

"I think the European countries are eager to tap into the development of Asia and to have their companies benefit from bidding process for infrastructure projects. It is sort of an opportunity, mechanism, through which they can increase their role in Asia on the economic front," Elizabeth Economy, director for Asia studies at the Council on Foreign Relations, told Sputnik.

The United Kingdom was the first US ally in Europe to sign up as a member of AIIB. Although the move triggered apparent criticism from the United States, it has been followed by France, Germany, Italy and Luxembourg.

"Asia is the most dynamic economic region in the world, and Europe would like to play a more active role there… In many respects it [membership in AIIB] will just give them a foot in the door basically," Economy said.

Key EU Countries Join China-Backed Bank Despite US Protests

At the same time, the AIIB's potential to become a competitor for the World Bank is doubtful, as the institution first needs to adopt good government standards.

"If they adopt good government standards and adopt good lending practices, then although this is a different institution to the World Bank, it should help the global economy and help the international order," Thomas Wright, fellow and director of the Project on International Order and Strategy at the Brookings Institution, told Sputnik.

The analyst also noted that if anti-corruption, government and other standards are not observed, it will weaken the global financial order as a whole.

Last week, US State Department's spokeswoman Jen Psaki said the United States is concerned by the AIIB's governance, environmental and social safeguards.

In this context, it is crucial for the European states that have decided to join the AIIB to make it clear "that they insist on certain standards for the bank, including anti-corruption, environmental standards and transparency," according to Wright.

March 31 has been declared the deadline for accepting founding members to the institution.

The bill establishing the AIIB was signed by 21 countries in October 2014, including Singapore, Malaysia and Kazakhstan among others. Switzerland, South Korea and Australia are also considering joining the bank.

 

[Guynextdoor2]

it's the few jews that lose.

Hater

In any case the whole initiative is irrelevant and will flop like the BRICS bank.

 

[Nan Yang]

I remember this case when World Bank rejected a loan to China due to pressure from the Free Tibet movement.

So much for this so call "High Standards" of the World Bank.

Monday, July 10, 2000

2. China criticizes World Bank's rejection of loan ...
BEIJING, July 10 (Kyodo) -- China said Monday it opposes the
politicization of the business of the World Bank over its rejection
of a controversial $160 million loan program to China which critics
charge is aimed at promoting migration of ethnic Han Chinese into
traditional Tibetan lands.

Xinhua News Agency quoted a spokesman of the Finance Ministry as
saying the Qianghai poverty relief project is meant to help people of
all ethnic groups in the area escape poverty.

It is regrettable that some developed country shareholders of the
World Bank have proceeded from political motives and shamelessly
walked all over the World Bank charter by setting out impossible
conditions that will block the project, the spokesman was quoted as
saying.

"This just reveals the true nature of those who trample on human
rights under the disguise of 'human rights'," he said.

Last Friday the World Bank board gave a slap to the bank management,
rejecting the loan program to China.

The program would resettle more than 50,000 impoverished Han Chinese
in traditional Tibetan lands in the western Chinese province of
Qinghai.

The board directors said additional social and environmental studies
would be necessary before the bank would provide funds to China for
the program.

The project would have financed the construction of schools, clinics,
and a dam to catch melting snow for irrigation of the arid and
sparsely populated Tibetan plateau.

It would have underwritten the resettlement of residents in Qinghai
Province into a traditionally Tibetan area that borders on the
Tibetan autonomous region.

Pro-Tibet groups and some members of Congress are outraged that the
project will further dilute the area's traditional Tibetan population
and expedite what they call a "destructive population transfer."

Environmentalists have questioned the project's plan to build a
40-meter dam and irrigate the region's fragile ecological system.

The World Bank's management endorsed the loan program last year,
brushing off strong opposition from the United States, Germany and
other Western countries.

 

[AndrewJin]

I remember this case when World Bank rejected a loan to China due to pressure from the Free Tibet movement.

So much for this so call "High Standards" of the World Bank.

Monday, July 10, 2000

2. China criticizes World Bank's rejection of loan ...
BEIJING, July 10 (Kyodo) -- China said Monday it opposes the
politicization of the business of the World Bank over its rejection
of a controversial $160 million loan program to China which critics
charge is aimed at promoting migration of ethnic Han Chinese into
traditional Tibetan lands.

Xinhua News Agency quoted a spokesman of the Finance Ministry as
saying the Qianghai poverty relief project is meant to help people of
all ethnic groups in the area escape poverty.

It is regrettable that some developed country shareholders of the
World Bank have proceeded from political motives and shamelessly
walked all over the World Bank charter by setting out impossible
conditions that will block the project, the spokesman was quoted as
saying.

"This just reveals the true nature of those who trample on human
rights under the disguise of 'human rights'," he said.

Last Friday the World Bank board gave a slap to the bank management,
rejecting the loan program to China.

The program would resettle more than 50,000 impoverished Han Chinese
in traditional Tibetan lands in the western Chinese province of
Qinghai.

The board directors said additional social and environmental studies
would be necessary before the bank would provide funds to China for
the program.

The project would have financed the construction of schools, clinics,
and a dam to catch melting snow for irrigation of the arid and
sparsely populated Tibetan plateau.

It would have underwritten the resettlement of residents in Qinghai
Province into a traditionally Tibetan area that borders on the
Tibetan autonomous region.

Pro-Tibet groups and some members of Congress are outraged that the
project will further dilute the area's traditional Tibetan population
and expedite what they call a "destructive population transfer."

Environmentalists have questioned the project's plan to build a
40-meter dam and irrigate the region's fragile ecological system.

The World Bank's management endorsed the loan program last year,
brushing off strong opposition from the United States, Germany and
other Western countries.

Now, IMF and other banks wanna change their strategy by giving China more rights, too late!

 

[Nan Yang]

Now, IMF and other banks wanna change their strategy by giving China more rights, too late!

There are more of the so call "High Standard" of the World Bank.
World Bank? Paul Wolfowitz? Oil pipeline? African Dictators? Darfur? ..... Join the dots.

Cameroon: Pipeline to Prosperity?
What happened to the project promoters called a "cargo of hope" for Africans
JUNE 7, 2010 BY CHRISTIANE BADGLEY

Ten years ago this month, the World Bank Group approved financing for the controversial Chad-Cameroon Petroleum Development and Pipeline Project. Despite an international campaign to stop the project that brought together more than 80 environmental and human rights groups, the Board of Directors of the Bank voted unanimously to support it, arguing that oil development represented Chad's best -- perhaps only -- chance at escaping its crushing poverty. Both Chadians and Cameroonians would benefit from Chad's oil, the promoters promised, and the project would show the world that the resource curse could be lifted.

With World Bank participation secured, Exxon Mobil, the project operator, and its consortium partners, Chevron and Petronas (Malaysia), undertook the $4.2 billion project. The consortium drilled hundreds of wells in the Doba basin area of southern Chad and constructed a 650-mile pipeline to carry the oil from land-locked Chad to an offshore loading terminal on the Atlantic coast of Cameroon.

Chad's oil began to flow in October 2003 amid greatfanfare. The World Bank drew up an elaborate revenue management plan for Chad; expectations were high. ExxonMobil placed a full page ad (pdf) in the New York Times. "Voila," the ad proclaimed, "with the first oil loaded, an extraordinary project begins to supply energy to the world as well as a better life and a cargo of hope to the people of Chad and Cameroon."

That cargo of hope leaves Africa from Kribi, a small beach town and one of Cameroon's prime tourist attractions. Here, the dense equatorial rainforest stretches almost to the water's edge; a strip of golden sand beach is all that separates the greens of the forest from the turquoise waters. Just south of town the famous Lobe waterfalls tumble over black volcanic rocks directly into the ocean. Market women sell and prepare fish right off the boats at the town's small port.

When I first visited Kribi 15 years ago, I was surprised to hear about plans to bring an oil pipeline from Chad to Kribi. This wasn't like bringing a pipeline to the port of Los Angeles. The port of Kribi was filled with pirogues, not tankers. There wasn't even an industrial zone in the area; Kribi was surrounded by forest.

In 2007 I returned to Kribi. The tourist trade had grown; there were new bars and hotels around Kribi. But the town seemed as poor as ever. There were no signs of petroleum-related jobs and Kribi seemed untouched by any new oil wealth.

That trip prompted me to look further at the Chad-Cameroon pipeline. The project, which received a fair amount of press coverage during its construction phase, has since dropped from the radar. Two years later, I traveled once again to Cameroon, this time to learn what has become of the "model" project. In future reports, I plan to follow stories along on the pipeline from Kribi to the Doba fields of Chad. In this first piece, I report from the marine terminal to the capital of Cameroon, Yaoundé.

 

[AndrewJin]

There are more of the so call "High Standard" of the World Bank.
World Bank? Paul Wolfowitz? Oil pipeline? African Dictators? Darfur? ..... Join the dots.

Cameroon: Pipeline to Prosperity?
What happened to the project promoters called a "cargo of hope" for Africans
JUNE 7, 2010 BY CHRISTIANE BADGLEY

Ten years ago this month, the World Bank Group approved financing for the controversial Chad-Cameroon Petroleum Development and Pipeline Project. Despite an international campaign to stop the project that brought together more than 80 environmental and human rights groups, the Board of Directors of the Bank voted unanimously to support it, arguing that oil development represented Chad's best -- perhaps only -- chance at escaping its crushing poverty. Both Chadians and Cameroonians would benefit from Chad's oil, the promoters promised, and the project would show the world that the resource curse could be lifted.

With World Bank participation secured, Exxon Mobil, the project operator, and its consortium partners, Chevron and Petronas (Malaysia), undertook the $4.2 billion project. The consortium drilled hundreds of wells in the Doba basin area of southern Chad and constructed a 650-mile pipeline to carry the oil from land-locked Chad to an offshore loading terminal on the Atlantic coast of Cameroon.

Chad's oil began to flow in October 2003 amid greatfanfare. The World Bank drew up an elaborate revenue management plan for Chad; expectations were high. ExxonMobil placed a full page ad (pdf) in the New York Times. "Voila," the ad proclaimed, "with the first oil loaded, an extraordinary project begins to supply energy to the world as well as a better life and a cargo of hope to the people of Chad and Cameroon."

That cargo of hope leaves Africa from Kribi, a small beach town and one of Cameroon's prime tourist attractions. Here, the dense equatorial rainforest stretches almost to the water's edge; a strip of golden sand beach is all that separates the greens of the forest from the turquoise waters. Just south of town the famous Lobe waterfalls tumble over black volcanic rocks directly into the ocean. Market women sell and prepare fish right off the boats at the town's small port.

When I first visited Kribi 15 years ago, I was surprised to hear about plans to bring an oil pipeline from Chad to Kribi. This wasn't like bringing a pipeline to the port of Los Angeles. The port of Kribi was filled with pirogues, not tankers. There wasn't even an industrial zone in the area; Kribi was surrounded by forest.

In 2007 I returned to Kribi. The tourist trade had grown; there were new bars and hotels around Kribi. But the town seemed as poor as ever. There were no signs of petroleum-related jobs and Kribi seemed untouched by any new oil wealth.

That trip prompted me to look further at the Chad-Cameroon pipeline. The project, which received a fair amount of press coverage during its construction phase, has since dropped from the radar. Two years later, I traveled once again to Cameroon, this time to learn what has become of the "model" project. In future reports, I plan to follow stories along on the pipeline from Kribi to the Doba fields of Chad. In this first piece, I report from the marine terminal to the capital of Cameroon, Yaoundé.

That's kind of story I've read hundreds of. Their hypocrite coat of high standard is a total joke, now it's time to take a look at what's underneath.
That's why we developing nations need our own bank which represents our own interests. They may do a good job in propaganda, but we have not been brainwashed yet.

 

[ahojunk]

I remember this case when World Bank rejected a loan to China due to pressure from the Free Tibet movement.

So much for this so call "High Standards" of the World Bank.

Monday, July 10, 2000

2. China criticizes World Bank's rejection of loan ...
BEIJING, July 10 (Kyodo) -- China said Monday it opposes the
politicization of the business of the World Bank over its rejection
of a controversial $160 million loan program to China which critics
charge is aimed at promoting migration of ethnic Han Chinese into
traditional Tibetan lands.

Xinhua News Agency quoted a spokesman of the Finance Ministry as
saying the Qianghai poverty relief project is meant to help people of
all ethnic groups in the area escape poverty.

It is regrettable that some developed country shareholders of the
World Bank have proceeded from political motives and shamelessly
walked all over the World Bank charter by setting out impossible
conditions that will block the project, the spokesman was quoted as
saying.

"This just reveals the true nature of those who trample on human
rights under the disguise of 'human rights'," he said.

Last Friday the World Bank board gave a slap to the bank management,
rejecting the loan program to China.

The program would resettle more than 50,000 impoverished Han Chinese
in traditional Tibetan lands in the western Chinese province of
Qinghai.

The board directors said additional social and environmental studies
would be necessary before the bank would provide funds to China for
the program.

The project would have financed the construction of schools, clinics,
and a dam to catch melting snow for irrigation of the arid and
sparsely populated Tibetan plateau.

It would have underwritten the resettlement of residents in Qinghai
Province into a traditionally Tibetan area that borders on the
Tibetan autonomous region.

Pro-Tibet groups and some members of Congress are outraged that the
project will further dilute the area's traditional Tibetan population
and expedite what they call a "destructive population transfer."

Environmentalists have questioned the project's plan to build a
40-meter dam and irrigate the region's fragile ecological system.

The World Bank's management endorsed the loan program last year,
brushing off strong opposition from the United States, Germany and
other Western countries.

Thanks for reminding us of the hypocritical so-called high standards. This project was meant to relocate some of China's 58,000 poorest farmers to more fertile land, just outside the Tibet boundary. It doesn't matter if they are Han, Tibetan or other ethnic group. They deserve a better future.

That's kind of story I've read hundreds of. Their hypocrite coat of high standard is a total joke, now it's time to take a look at what's underneath.
That's why we developing nations need our own bank which represents our own interests. They may do a good job in propaganda, but we have not been brainwashed yet.

Most Asian countries has signed up, (except North Korea and Iran, due to political reasons). Even those that have border conflicts with China. SAR Hong Kong has signed up, not sure about Macao. Taiwan has indicated they are interested. South Korea and Japan will probably sign up. My country Australia will probably jump in too. (We are now trying to be Asian, lol.)

One reason is that these Asian countries are sick of the IMF, WB and ADB which are essentially instruments which US and its allies use to further their foreign policies and interests.
.

 

[TaiShang]

I remember this case when World Bank rejected a loan to China due to pressure from the Free Tibet movement.

So much for this so call "High Standards" of the World Bank.

Monday, July 10, 2000

2. China criticizes World Bank's rejection of loan ...
BEIJING, July 10 (Kyodo) -- China said Monday it opposes the
politicization of the business of the World Bank over its rejection
of a controversial $160 million loan program to China which critics
charge is aimed at promoting migration of ethnic Han Chinese into
traditional Tibetan lands.

Xinhua News Agency quoted a spokesman of the Finance Ministry as
saying the Qianghai poverty relief project is meant to help people of
all ethnic groups in the area escape poverty.

It is regrettable that some developed country shareholders of the
World Bank have proceeded from political motives and shamelessly
walked all over the World Bank charter by setting out impossible
conditions that will block the project, the spokesman was quoted as
saying.

"This just reveals the true nature of those who trample on human
rights under the disguise of 'human rights'," he said.

Last Friday the World Bank board gave a slap to the bank management,
rejecting the loan program to China.

The program would resettle more than 50,000 impoverished Han Chinese
in traditional Tibetan lands in the western Chinese province of
Qinghai.

The board directors said additional social and environmental studies
would be necessary before the bank would provide funds to China for
the program.

The project would have financed the construction of schools, clinics,
and a dam to catch melting snow for irrigation of the arid and
sparsely populated Tibetan plateau.

It would have underwritten the resettlement of residents in Qinghai
Province into a traditionally Tibetan area that borders on the
Tibetan autonomous region.

Pro-Tibet groups and some members of Congress are outraged that the
project will further dilute the area's traditional Tibetan population
and expedite what they call a "destructive population transfer."

Environmentalists have questioned the project's plan to build a
40-meter dam and irrigate the region's fragile ecological system.

The World Bank's management endorsed the loan program last year,
brushing off strong opposition from the United States, Germany and
other Western countries.

Nice reminder; thank you indeed for bringing it up.

That's kind of story I've read hundreds of. Their hypocrite coat of high standard is a total joke, now it's time to take a look at what's underneath.
That's why we developing nations need our own bank which represents our own interests. They may do a good job in propaganda, but we have not been brainwashed yet.

I guess very few buy their "high standards." US high standard liberalism is very much similiar to its high standard democracy.

They not only tortured people in overseas secret prisons and committed world's largest state-led cyber crime, but also pulled a number of nations into turmoil and civil war through their fifth columns.

I will not even count their recent failed coup attempt in Venezuela.

In China, nobody buys their "high standards."

Australia ponders ‘vote of confidence’ on joining China-led bank, Japan on fence
Published time: March 20, 2015 14:46
RT

China's President Xi Jinping (front C) guides guests at the Asian Infrastructure Investment Bank launch ceremony at the Great Hall of the People in Beijing October 24, 2014. (Reuters / Takaki Yajima)

Australia has signaled its intention to become a member of the China-led Asian Infrastructure Investment Bank (AIIB) after the UK and EU major members’ decision to join. However, Japan is hesitating over its position.

Canberra shows signs of possible joining, Reuters reported on Friday, although no formal decision has been made. Australia rejected China's proposal last year, but is now signaling its intention to join the bank with an investment of $2.3 billion, according to Chinese Xinhua news agency. Meanwhile, Japan, China’s main regional rival, suggested it could become a member of the institution if certain conditions are met.

After a cabinet meeting on Friday, Finance Minister Taro Aso told reporters Japan “could consider entering talks” on joining the AIIB if some of its concerns about lending standards and the bank’s governance were addressed, the Financial Times says. Japan is hesitant to join the China-led bank over its relations with Washington and over the AIIB's potential rivalry with the Asian Development Bank.

"Views are split within the Japanese government on whether to join the AIIB,"a person with close knowledge of Japan's financial policy-making was cited as saying by Reuters.

Considering the standoff within the government of Japan, the country’s participation "is not going to happen under the Abe administration,” according to a senior official in the ruling coalition.

The possible move comes after EU major members France, Germany and Italy confirmed on Tuesday they will become founding AIIB members in the wake of Britain's application last week. This is despite the increasing pressure and negative reaction from the United States.

While the new China-led bank is expected tochallenge the Western dominance of the US-led World Bank and the IMF, Washington expressed concerns that the new investment bank might not have high enough standards of governance and environmental and social safeguards.

The AIIB is also a potential rival of the Asian Development Bank (ADB), the Manila-based multilateral institution dominated by Japan and the United States. The new bank can amount to diminish the Japanese influence in favor of China in the Asia Pacific region.

After the collapse of Soviet Union the United States as a single superpower with the IMF and the World Bank at its disposal used those institutions as a way to help its own operations and did not help people from other countries, chief economist at a major international consulting firm John Perkins, who has advised the World Bank, UN, IMF, and US Treasury Department, told the Sputnik Radio.

“China’s stepping in to offer an alternative now and much of the rest of the world welcome this opportunity. It’s a real shift in financial power now around the globe,” Perkins added.

Meanwhile, South Korea is reportedly ready to announce its entry to the AIIB in the near future, Xinhua reported. Switzerland and Luxembourg are also considering joining. Twenty-seven countries had applied to jointly build the bank as founding members. The application deadline is March 31.

With an expected initial subscribed capital of $50 billion, the AIIB will be an international financial institution to fund infrastructure projects in Asia and is expected to be formally established by the end of this year.

 

[cirr]

Austria wants to be part of China-led infrastructure bank

Published time: March 25, 2015 00:43

Austria is looking to join the China-led Asian Infrastructure Investment Bank (AIIB), Xinhua news agency reported, citing a top official. It is the latest European nation to invest in the bank, which is seen as the future rival of the US-based World Bank.

“Austria has already had close economic and political ties with the Asian region and has always been so far very positive about international projects,” Johannes Frischmann, a spokesman for Austrian Finance Minister Hans Joerg Schelling, told Xinhua, adding that the nation “now checks for the membership.”

Austria set to become sixth European country to join China-led AIIB