Italy and other European nations that have shown interest in the AIIB are at the center of China’s initiatives of building the Silk Road Economic Belt and the 21st Century Maritime Silk Road, which will open new train and ship routes between China and many other countries.

The planned membership of Italy, France and Germany, which followed Britain’s application to be a founding member of the $50-billion bank, highlights “Europe’s awareness of the importance of the Belt and Road Initiative for development.”