France, Germany and Italy are set to
become the founding members of the Asian Infrastructure
Investment Bank, the Treasury said Tuesday, confirming press
reports on a bank seen as a potential rival to the World Bank
and reportedly opposed by the United States.
The AIIB "can perform a major role in funding Asia's ample
infrastructural requirements," the Treasury said.
The AIIB will work with existing multilateral development
and investment banks to promote Asian economic and social
development and help boost world growth, the Treasury said.
France, Germany and Italy, working in close liaison with
European and international partners, the Treasury went on,
"intend to work as founder members of the AIIB to build an
institution that follows the best principles and best practices
of company governance and (implements) policies to safeguard and
sustain debt and project contracts," it said.
The Financial Times said Tuesday the new bank would also
feature the UK and was a "blow" to the administration of US
President Barack Obama.
photo: the Italian Treasury in Rome's via XX Settembre
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