Euro leaders to back new Chinese investment bank
The governments of the three biggest euro-area economies intend “to become prospective founding members” and the bank “could play an important role to provide funds for addressing the large infrastructure needs in Asia,” the German Finance Ministry said in a statement yesterday.
China, the world’s second-largest economy, has promoted the creation of the $50 billion lender, a potential rival to institutions such as the Asian Development Bank, to help finance construction in the region. The US says the AIIB needs sound governance and might initially benefit from joining up with established institutions.
