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Germany confirms to join China-proposed investment bank: Finance Minister

Updated: Mar 17,2015 9:27 PM     Xinhua

BERLIN — Germany is going to be a founding member of the Asian Infrastructure Investment Bank(AIIB), German Finance Minister Wolfgang Schaeuble said on March 17.

“We want to work with international financial organizations together, use our extensive experience, to help the new bank to reach a high international reputation,” the minister said after the first China-Germany High Level Financial Dialogue held in Berlin.

According to a joint statement of the dialogue, both China and Germany agree that “the AIIB bank as a new investment Bank could play an important role to provide funds for infrastructure in Asia.”

Both France and Italy officially confirmed their intention to join the bank on March 17.

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 a Memorandum of Understanding in Beijing in October last year to build the bank.