Chancellor of the Exchequer George Osborne is today announcing the UK’s intention to become a founding member of the Asian Infrastructure Investment Bank (AIIB), the first Western country to do so.
The aim of the AIIB is to support access to finance for infrastructure projects across Asia, using loans, equity investments and guarantees to boost investment across a range of sectors including transport, energy, telecommunication and urban development.
The UK will join discussions later this month to agree the bank’s articles of agreement and the government claims the UK will play a key “will play a key role in ensuring that the AIIB embodies the best standards in accountability, transparency and governance, which will be essential to ensuring the success of the initiative and to unlocking the potential benefits for the wider global economy”.
Osborne said: 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.”