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France, Germany, Italy to Join China-Led $50bn Infrastructure Bank

France, Germany and Italy have confirmed they’ll join China’s new Asian Infrastructure Investment Bank (AIIB). Participation in the rival to the US-led World Bank is seen as a setback for the Obama administration.

The three European countries on Tuesday confirmed in a statement they intend “to become founding members of the Asian Infrastructure Investment Bank,” according to AFP.

Originally posted at RT.com:

“We want to bring our long experience… to help the bank build a solid reputation,” said German Finance Minister Wolfgang Schaeuble, speaking also for Italy and France at a joint press conference with Chinese Deputy-Premier Ma Kai on Tuesday in Berlin. He added that the three countries want to make a contribution to the positive development of the Asian economy, in which German companies were actively taking part.

Chinese Foreign Ministry spokesman Hong Lei welcomed the decision, saying “the AIIB is an open and inclusive multilateral investment institution.”

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