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US allies apply to join China’s AIIB

This file photo shows the signing ceremony of the MoU for the establishment of the AIIB.

America’s allies make a sprint for the Chinese-led Asian Infrastructure Investment Bank (AIIB) before a deadline for the closure of applications and to the US dismay.

Britain, Germany and France all signed up to the AIIB despite protests from Washington, which views the bank with suspicion and has raised concerns over its standards and regulatory practices.

42 countries are said to have filed applications for membership in the regional bank as of March 31 which was the deadline for countries to apply to the Chinese-sponsored Asian Infrastructure Investment Bank.

Norway and Taiwan became the last to apply to become a founding member of the AIIB on Tuesday. Sweden applied a day earlier to join, whilst Russia, Denmark, the Netherlands and Australia all applied over the weekend.

Washington, which sees the AIIB as a rival to the US-led World Bank, has expressed worries about its regulatory policies and transparency. The United States is concerned about China’s sphere of influence and Beijing’s latest banking bid has ruffled feathers in Washington, with authorities saying China may use the bank as a political tool for its objectives.

The White House signaled its unease at Britain’s decision to become a member of the Asian Infrastructure Investment Bank by raising concerns about whether the new body would meet the standards of the World Bank.

It issued a statement saying the US expects the UK to use its influence to ensure that high standards of governance are upheld in a new Chinese-led investment bank.

The Beijing based AIIB was set up in October with 21 Asian nations signing up and China pledging $50 billion of capital to get the bank started.

GHN/GHN


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