Beijing: France, Germany and Italy have followed the UK in joining the China-sponsored Asian Infrastructure Investment Bank (AIIB), taking to 30 the number of its member states including India.
State-run Xinhua news agency quoted top officials of France, Germany and Italy as confirming their participation in the USD 50 billion investment bank floated last year by President Xi Jinping.
The three European countries followed suit days after the UK became the first Western nation to join the bank disregarding reservations expressed by the US which raised concerns over its transparency.
Lou Jiwei, China's Minister of Finance, said recently that March 31 is the deadline to file applications to join the Bank, the Xinhua report said.
Reacting to the three countries joining the bank, Chinese Foreign Ministry spokesman, Hong Lei said today that China welcomed interested parties to join the bank.
"The AIIB is an open and inclusive multilateral organisation. We welcome interested countries to join it," Hong said adding that it will be a substitute to the World Bank and Asia Development Bank (ADB) and not a rival.
Meanwhile, Australian leaders have been lining up over the past few days to voice support for joining the AIIB.
The AIIB, an international financial institution that will provide support to infrastructure projects in Asia, is expected to be formally established by the end of this year.
US officials earlier said Britain took a unilateral decision to join the bank.
The AIIB has an authorised capital of USD 100 billion and the initial subscribed capital of USD 50 billion.
India along with 26 other countries joined the bank as its founding members when it was formally setup last year by Xi.
South Korea, Japan and Australia stayed away reportedly on the advice of US.
The bank, expected to operationalised by the end of this year, will be headquartered in Beijing and headed by a Chinese official.
The AIIB is in addition to USD 40 billion Silk Road fund set up by China and the USD 50 billion BRICS Development Bank in which Beijing is an active member.
Together the three institutions are expected to fuel significant amount of investments especially in Asia.
