EUROPE-ASIA/BANK GERMANY Schaeuble confirms Germany is a founding member of China-led AIIB bank

Record ID: 565915

  • Title: EUROPE-ASIA/BANK GERMANY Schaeuble confirms Germany is a founding member of China-led AIIB bank
  • Date: 17th March 2015
  • Summary: BERLIN, GERMANY (MARCH 17, 2015) (REUTERS) VARIOUS EXTERIORS OF GERMANY'S FINANCE MINISTRY WITH EUROPEAN UNION, CHINESE AND GERMAN FLAGS FLYING OUTSIDE GERMAN FINANCE MINISTER WOLFGANG SCHAEUBLE AND CHINESE VICE PREMIER MA KAI ARRIVING TO MAKE STATEMENTS WIDE OF NEWS CONFERENCE (SOUNDBITE) (German) GERMAN FINANCE MINISTER, WOLFGANG SCHAEUBLE, SAYING: "We agree that infrastructure investments are of vital importance for Asia's further development. That's why we welcome the Chinese intention to found an infrastructure bank for Asia with additional partners which with its seat in Beijing will make an important contribution. Germany, together with our partners France and Italy, intends to become a founding member of the Asian Infrastructure Investment Bank, AIIB." REPORTER'S LAPTOP COMPUTER (SOUNDBITE) (German) GERMAN FINANCE MINISTER, WOLFGANG SCHAEUBLE, SAYING: "We want to contribute our long-time experiences with international financial organisations to the creation of the bank and through good standards, we want to assist in making this bank receive a high international reputation." REPORTERS (SOUNDBITE) (German) GERMAN FINANCE MINISTER, WOLFGANG SCHAEUBLE, SAYING: "There are few countries outside Europe with which we Germans have such close ties. China is a very important partner for Germany. Within the European Union, we are China's biggest trade partner and China is for Germany the biggest trade partner in Asia." PHOTOGRAPHERS TAKING PICTURES MA AND SCHAEUBLE LEAVING
  • Embargoed: 1st April 2015 13:00
  • Keywords:
  • Location: Germany
  • Country: Germany
  • Topics: General
  • Reuters ID: LVA8H6T947BZOZIN63KNMEMQGVLA
  • Story Text: Finance Minister Wolfgang Schaeuble said on Tuesday (March 17) that Germany is going to be a founding member of a new international development bank backed by China along with other European countries.
    "We agree that infrastructure investments are of vital importance for Asia's further development. That's why we welcome the Chinese intention to found an infrastructure bank for Asia with additional partners," Schaeuble told reporters during a brief joint statement with China's Vice Premier Ma Kai.
    The move to join the Asian Infrastructure Investment Bank (AIIB), following the lead set by Britain, risks upsetting the United States, which has questioned the governance standards at the new institution. France and Italy also intend to join.
    The AIIB is seen as a rival to the Western-dominated World Bank and a major plank in spreading China's "soft power".
    It was launched in Beijing last year to support investment in Asia in transport, energy, telecommunications and other infrastructure.
    "We want to contribute our long-time experiences with international financial organisations to the creation of the bank and through good standards, we want to assist in making this bank receive a high international reputation," said Schaeuble.
  • Copyright Holder: REUTERS
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