Chinese 100, 50, 20, 10 and 5 yuan bills and Russian 1,000 and 100 ruble bills - Sputnik International
Economy
Get breaking stories and analysis on the global economy from Sputnik.

Norway, Taiwan Set to Join China-Led Development Bank As Deadline Expires

© REUTERS / Takaki YajimaChina's President Xi Jinping (4th R) meets with the guests at the Asian Infrastructure Investment Bank (AIIB) launch ceremony at the Great Hall of the People in Beijing in this October 24, 2014
China's President Xi Jinping (4th R) meets with the guests at the Asian Infrastructure Investment Bank (AIIB) launch ceremony at the Great Hall of the People in Beijing in this October 24, 2014 - Sputnik International
Subscribe
Norway and Taiwan will join the China-led Asian Infrastructure Investment Bank (AIIB), representatives of the countries announced.

MOSCOW (Sputnik) — The government of Taiwan announced intention to apply for founding member status on Monday, according to a statement published on the website of country's foreign minister. Norway made a similar announcement the same day.

Russia has signaled its readiness to take part in the China-led Asian Infrastructure Investment Bank (AIIB) - Sputnik International
World
Boosting Bilateral Ties: Russia Vows to Join Chinese-led Development Bank
The AIIB is an international financial institution hosted by China to invest in infrastructure projects in the Asia-Pacific region. A bill establishing the bank with a registered capital of up to $100 billion was signed by 21 countries in October 2014.

"Norway is a substantial contributor to global development efforts, and wishes to join countries from Asia and other parts of the world in further refining the structure and mission of the AIIB," Borge Brende said, as quoted by a press release Monday on the ministry website.

Earlier this month, the United Kingdom, Switzerland, Germany, France, Austria, Australia and Italy joined the AIIB. Numerous countries, including Russia, Brazil, Spain and the Netherlands applied to join the bank.

Delegates attend a signing ceremony of the Asian Infrastructure Investment Bank at the Great Hall of the People in Beijing. (File) - Sputnik International
Asia
China Rebuffs N Korea’s Bid to Join Beijing-led Development Bank – Reports
The bank has 45 member states, with March 31 being the deadline for applications to become a founding member.

"Joining the AIIB would help our nation to fit into regional economic integration and enhance the opportunities for our nation to participate in international affairs, as well as boosting international business opportunities and enhancing our odds of joining other international trade groups in the future," Taiwanese presidential spokesman Charles I-hsin Chen said as quoted by the Financial Times on Tuesday.

The new regional bank has raised concerns in Washington as a potential competitor of Western-led financial institutions.

Earlier Tuesday, China rejected North Korea's application to join. Japan said it would not join the Chinese-led bank.

Newsfeed
0
To participate in the discussion
log in or register
loader
Chats
Заголовок открываемого материала