Italy, France and Germany to join China-led development bank
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Rome/Beijing (dpa) - The eurozone's three-largest economies confirmed Tuesday they were joining a new China-based development bank for Asia that is seen with suspicion by the United States.
"France, Germany and Italy announce today the intention of becoming founding members of the Asian Infrastructure Investment Bank (AIIB),"the Italian Economy Ministry said in a statement, speaking for the three countries.
The US has expressed concern over the transparency of the China-led AIIB, which is seen as a rival to the US-based World Bank or the Asian Development Bank, which is dominated by Japan.
Britain already announced its participation in the AIIB last week, and the president of the European Parliament, Martin Schulz, said the involvement of European Union countries in the project was positive.
"I think participation is good. The more countries take part, the better," the German politician told reporters during a visit to Beijing on Tuesday. The AIIB should fund projects such as new roads and telecommunications networks in the region.
According to the Italian Economy ministry, it will work with existing development banks andc ontribute to social and economic progress.
