SEOUL, March 26 (Xinhua) -- South Korea on Thursday decided to join the China-proposed Asian Infrastructure Investment Bank (AIIB) as one of prospective founding members, the country's finance ministry said.
The Ministry of Strategy and Finance said in a statement that the South Korean government decided on it after making discussions on the issue among related ministries, before sending a letter about the decision to China.
If South Korea is allowed by other prospective founding members to join the AIIB, the country is expected to sign a formal agreement on it around June, before finally becoming one of founding members of the AIIB, according to the ministry.
The AIIB is a newly-launched multilateral development bank to help finance infrastructure projects in Asia for the sustainable growth and social development in the region, the ministry said.
According to the Asia Development Bank (ADB) data, Asia's infrastructure demand is expected to reach some 730 billion U.S. dollars per year by 2020, but the supply of investment funds from the World Bank and the ADB falls far short of the demand.
Thus, the AIIB aims to strengthen economic and financial cooperation among countries in the region and pioneer economic development in the region by focusing on providing funds deficient in the regional development amid the complementary relationship with the existing multilateral development banks, the ministry said.
BEIJING, March 26 (Xinhua) -- Unlike the United States with its preponderant presence in existing global lending bodies, China, despite its status as the initiator of the Asian Investment Bank (AIIB), does not seek a dominant role in the institution's decision-making.
Following a report by the Wall Street Journal that said China has proposed to forgo veto power at the AIIB to attract more countries to join the new bank, a senior Chinese finance official and a foreign ministry spokesperson both said it is a false proposition to say China seeks or relinquishes veto power. Full story
BEIJING, March 25 (Xinhua) -- All countries interested in the Asian Infrastructure Investment Bank (AIIB) are welcomed to join, China's Vice Finance Minister Shi Yaobin said on Wednesday.
"The AIIB is an open and inclusive multilateral development bank. China welcomes all countries to join and make contributions to the infrastructure improvement in Asia," Shi said, responding to a question on whether China communicated with the United States or Japan during the preparation for AIIB. Full story
NAIROBI, March 25 (Xinhua) -- The ongoing preparations to launch the China-backed Asian Infrastructure Investment Bank (AIIB) will further transform the investment climate in Africa, and lead to lower cost of finance while boosting competition in the international financial markets, analysts have said.Full Story
CANBERRA, March 25 (Xinhua) -- Australia is still "a number of steps" away from joining the China-led Asian Infrastructure Investment Bank (AIIB) as a founding member, Foreign Minister Julie Bishop said Wednesday.Full Story
BEIJING, March 22 (Xinhua) -- A recent editorial by the New York Times (NYT) serves as a perfect example of the sour grapes mentality on the U.S. side about the China-initiated Asian Infrastructure Investment Bank (AIIB).
The article, titled "U.S. Allies, Lured by China's Bank" and tinged with condescension, described the decision by Britain, Germany and several other European nations to join the AIIB as "the newest gold rush."Full Story