So, there is finally an option other than the IMF, that is non-G8 friendly. It is interesting to note that Iraq is not one of the founding member countries. -LW
China’s Ministry of Finance announces prospective founding-member nations of the China-led investment bank, who will have priority over other nations that sign up later
The China-led Asian Infrastructure Investment Bank (AIIB) has officially approved 57 nations as prospective founding members, making Sweden, Israel, Poland and South Africa the last group of nations to be included.
The announcement was made today by China’s Ministry of Finance. The founding members have priority over other nations that sign up later, as they possess the right to establish the rules for the bank’s activities.
The AIIB is the first Asian bank to have a new international banking system that is independent from the dominance of founding member states of the international Bretton Woods banking system.
Countries that have been accepted as founding members of the AIIB include China, India, Malaysia, Indonesia, Singapore, Thailand, Kazakhstan, Saudi Arabia, Kuwait, Oman, Qatar, Brunei Darussalam, Cambodia, Laos, Myanmar, Philippines, Vietnam, Mongolia, Uzbekistan, Nepal, Sri Lanka, Bangladesh, Pakistan, Maldives, New Zealand, Jordan, Tajikistan, Luxembourg, Switzerland, Britain, Australia, Austria, Brazil, Denmark, France, Germany, Italy, Netherlands and Spain.
The United States and Japan are the two major nations to have abstained from joining the AIIB.
Although Taiwan was rejected as a founding member of the AIIB, Ma Xiaotian, spokesman for the State Council Taiwan Affairs Office, said at a press conference today that the mainland would consider “constructive opinions from all sides” regarding Taiwan’s identity as a member.
Ma added: “Through practical consultations, solutions will be found for Taiwan to join the bank with an appropriate identity.”
Yesterday, a senior Canadian finance official signalled that Ottawa was actively considering joining the institution, despite US and Japanese reservations, Reuters reported.
The official, speaking on condition of anonymity, said Ottawa welcomed the idea of the new bank.
Japan also agreed with Germany yesterday to work closely in dealing with the planned China-led AIIB, although there was no change in Tokyo’s cautiousness about joining it.
“We agreed that governance is important,” Fumio Kishida, Japan’s Foreign Minister, told reporters regarding the results of discussions with Frank-Walter Steinmeier, Germany’s Foreign Minister, about the AIIB, in which Germany is a founding member.
Final list of 57 founding members of the AIIB
- New Zealand
- Republic of Korea
- Saudi Arabia
- South Africa
- Sri Lanka
- United Kingdom
Additional reporting by Kyodo