The Chinese Foreign Ministry announced that the Asian Infrastructure Investment Bank (AIIB) received 47 applications by countries to become founding members before its deadline on Wednesday.
Despite the disapproval of the AIIB by the United States, many applicants included countries such as the UK, Australia, South Korea, Taiwan, France and Germany.
The US has been reported to have initially attempted to dissuade allies against the AIIB, saying it was an initiative in competition with the World Bank and Asian Development Bank. Japan remains the only Asian country allied with the Americans not to have applied to join the AIIB.
This week the US Treasury Secretary, Jack Lew, noted concerns about whether a Chinese-led infrastructure bank would meet international standards. However, he then went on to say that there was “enough infrastructure need for new and existing institutions” and that the US would be willing to work with the AIIB through existing financial institutions.
Thus far, approximately 30 countries have been given approval to join as founding members including very recently, Israel.
Despite the disapproval of the AIIB by the United States, many applicants included countries such as the UK, Australia, South Korea, Taiwan, France and Germany.
The US has been reported to have initially attempted to dissuade allies against the AIIB, saying it was an initiative in competition with the World Bank and Asian Development Bank. Japan remains the only Asian country allied with the Americans not to have applied to join the AIIB.
This week the US Treasury Secretary, Jack Lew, noted concerns about whether a Chinese-led infrastructure bank would meet international standards. However, he then went on to say that there was “enough infrastructure need for new and existing institutions” and that the US would be willing to work with the AIIB through existing financial institutions.
Thus far, approximately 30 countries have been given approval to join as founding members including very recently, Israel.