Israel To Join Asian Infrastructure Investment Bank

Israel has requested membership of Asian Infrastructure Investment Bank, according to a statement released by the country's Foreign Ministry on Tuesday.



"Israel's membership in the bank will open opportunities for integration of Israeli companies in various infrastructure projects to be financed by the bank," said a ministry representative. 



Prime Minister Benjamin Netanyahu signed the letter of application to join the Asian Infrastructure Investment Bank, AIIB, on Tuesday. 



The bank, launched late last year with the aim of helping finance development projects in the region, has drawn open caution from Washington over whether it will meet global standards.



China initially intended that 35 countries should join the Beijing-led Asian AIIB. However, Israel will be among more than 40 other countries including Iceland, Norway, the U.K., Germany and Turkey who recently applied to be founding members.



Similar requests have been filed by countries in the Middle East, including Jordan, Kuwait, Oman and Qatar, among others. Ten other countries intend to submit their application Wednesday -- the final date for submission.



In the coming months the Israeli Finance Ministry will participate in the negotiations relating to the bank's founding documents, the statement said.



"Up till March 31, 30 countries have passed the multilateral review procedures and become prospective founding members of the AIIB," said Chinese Foreign Ministry spokeswoman Hua Chunying told a press briefing Tuesday. 



"We will have the exact number of prospective founding members by April 15," Hua added. 



 "The AIIB will draw upon the experience and good practices of the existing multilateral development banks in terms of governance structure and safeguards policy, avoid making detours as they have done, cut the cost and improve the efficiency of operation, so as to deliver better service to AIIB members," said Hua. 



"The Chinese side is ready to work in concert with all parties to make the AIIB a professional and efficient vehicle for infrastructure investment and financing that brings benefit to all parties," she said



www.aa.com.tr/en - Ankara