Britain decides to join Asian Infrastructure Investment Bank (AIIB)

GeorgeOsborneThe Asian Infrastructure Investment Bank (AIIB) is a new financial institution to start its operation by the end of 2015. The agreement for its establishment was signed in October 2014 by twenty-one Asian countries which soon became twenty-two. But surprisingly a few days ago, another country which is not located in Asia – Britain  – decided to join the AIIB. As British Finance Minister George Osborne said: ‘I am delighted to announce  that the UK will be the first major Western country to become a prospective founder member of the Asian Infrastructure Investment Bank, which has already received significant support in the region. This government has actively promoted closer political and economic engagement with the Asia-Pacific region and forging links between the UK and Asian economies to give our companies the best opportunity to work and invest in the world’s fastest growing markets is a key part of our long term economic plan. Joining the AIIB at the founding stage will create an unrivalled opportunity for the UK and Asia to invest and grow together.’