China-Led Development Bank Gains Global Support; UK, Switzerland Approved As Founding Members
By Avaneesh Pandey
IBITimes.com
March 28 2015
The U.S. is finding itself increasingly isolated as more of its allies seek to join the China-led Asian Infrastructure Investment Bank (AIIB). A day after Brazil announced it is “very interested” in joining the AIIB, China’s finance ministry reportedly said on Saturday that the U.K. and Switzerland had been accepted as the founding members of the bank.
The latest move increases the founding members of the bank to 30, a representative of China’s finance ministry said, according to media reports.
In addition, Russia also announced its decision to join the China-led institution on Saturday, according to media reports.
China and 20 other Asian nations, including India and Singapore, had agreed to establish the AIIB in October 2014. Since then, a host of European nations, including the U.K., France, Germany and Italy have joined the bank, forcing the U.S., which had warned its allies against the new institution, to reassess its stance.
The Rest…HERE
