Senior official welcomes 4 European nations to join AIIB

Chinese Finance Minister Lou Jiwei (C) signs with guests at the signing ceremony of the Asian Infrastructure Investment Bank at the Great Hall of the People in Beijing on Oct 24, 2014. [Photo/CFP]

BERLIN -- It is a positive progress for France, Italy and Germany to follow the suit of Britain in deciding to join the China-proposed Asian Infrastructure Investment Bank (AIIB), Chinese Vice Finance Minister Shi Yaobin said.

"The AIIB is an inclusive and open multilateral financial institution. It is not to replace the existing development banks. They will complement and support each other and will work together to help promote a more stable global economic development and a more harmonious world," Shi told Xinhua on Tuesday after attending the First China-Germany High Level Financial Dialogue in Berlin.

The participation of Germany as an economic power and a core member of the European Union would make the AIIB more representative and inclusive, he said.

Shi noted that the membership application of the four European countries will be reviewed by all of the existing 27 AIIB founding member countries.

In accordance with the Memorandum of Understanding (MoU) on the AIIB's establishment, if more than three quarters of the existing founding members have no objection, the four European applicants will be able to join as the bank's founding member.

With an expected initial subscribed capital of $50 billion, the AIIB will be an international financial institution to fund infrastructure projects in Asia and is expected to be formally established by the end of this year.

Twenty-one countries including China, India and Singapore signed th institution to fund infrastructure projects in Asia and is expected to be formally established by the end of this year.

Twenty-one countries including China, India and Singapore signed the MoU in Beijing in October last year to found the bank.