March 17, 2015 / 12:04 PM / in 4 years

Schaeuble confirms Germany is a founding member of China-led AIIB bank

BERLIN (Reuters) - Finance Minister Wolfgang Schaeuble said on Tuesday that Germany is going to be a founding member of a new international development bank backed by China along with other European countries.

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.

Reporting by Matthias Sobolewski; Writing by Erik Kirschbaum; Editing by Stephen Brown

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