Arab Today, arab today switzerland luxembourg plan to join chinaled development bank
Last Updated : GMT 22:28:34
Arab Today, arab today
Arab Today, arab today

Switzerland, Luxembourg plan to join China-led development bank

Arab Today, arab today

Arab Today, arab today Switzerland, Luxembourg plan to join China-led development bank

Chinese Finance Minister Lou Jiwei (C)
Shanghai - AFP

Switzerland and Luxembourg are planning to join the Beijing-backed development bank AIIB, China's finance ministry said, the latest European nations to sign up to the multilateral lender which has drawn scepticism from the United States.
Britain, France, Germany and Italy have already announced their intentions to join the Asian Infrastructure Investment Bank -- which is viewed by some as a competitor to the World Bank and the Manila-based Asian Development Bank.
Switzerland will formally become a founding member of the bank later this month if approved by other members, China's finance ministry said in a statement late Friday.
A separate ministry statement said Luxembourg had also applied.
China's finance chief Lou Jiwei on Friday said the bank had 27 "prospective" founding members, the official Xinhua news agency reported, adding the application deadline is March 31.
The bank, which will support infrastructure projects in Asia, is expected to be set up before the end of this year, Xinhua said.
Head of the Organisation for Economic Co-Operation and Development (OECD), Angel Gurria, on Friday welcomed participation in the bank by European countries.
"The fact that some of the European countries are now associating with the project makes me even more convinced that it is going to be run in a very professional, transparent way," he said in Beijing.
But US officials have expressed caution amid worries the institution could undermine the World Bank.
US Treasury Secretary Jacob Lew has said Washington's main concern was whether the bank would "adhere to the kind of high standards that the international financial institutions have developed".
"Will it protect the rights of workers, the environment, will it deal with corruption issues appropriately?" he said.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today switzerland luxembourg plan to join chinaled development bank Arab Today, arab today switzerland luxembourg plan to join chinaled development bank

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today switzerland luxembourg plan to join chinaled development bank Arab Today, arab today switzerland luxembourg plan to join chinaled development bank

 



Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today How to do your own Ramadan corner?

GMT 15:53 2017 Saturday ,27 May

How to do your own Ramadan corner?
View News in Arabic - Business: اقتصاد دولي
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday