Two join bank

FRANCE and Germany are to join the UK in becoming members of a Chinese-led Asian development bank.

The finance ministries of both countries confirmed on Tuesday that they would be applying for membership of the Asian Infrastructure Investment Bank (AIIB).

Last week, the US issued a rare rebuke to the UK over its decision to become a member of the AIIB.

The US considers the AIIB a rival to the Western-dominated World Bank.

The UK was the first Western economy to apply for membership of the bank.

But German finance minister Wolfgang Schaeuble confirmed on Tuesday that his country would also be applying for membership.

France’s finance ministry confirmed it would be joining the bank. It is believed Italy also intends to join.

The US has questioned the governance standards at the new institution, which is seen as spreading Chinese “soft power”.

The AIIB, which was created in October by 21 countries, led by China, will fund Asian energy, transport and infrastructure projects.

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