U.K. seeks to join China-backed Asian infrastructure bank


By Maria Levitov
Bloomberg News
Thursday, March 12, 2015

LONDON -- The U.K. is looking to join China's Asian Infrastructure Investment Bank, becoming the first "major western country" to apply for membership, Chancellor of the Exchequer George Osborne said.

"Joining the AIIB at the founding stage will create an unrivaled opportunity for the U.K. and Asia to invest and grow together," Osborne said in a statement Thursday. The U.K. will hold talks with the China-backed investment bank's founding members later this month, according to the Treasury.

The world's second-largest economy has promoted the creation of the $50 billion Asian regional bank, a potential rival to institutions such as the Asian Development Bank, to help finance construction in the region. The U.S. has stressed that the AIIB needs sound governance and might initially benefit from co-financing projects with established institutions. ...

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