Bank no threat to established order: China

CHINA'S planned Asian Infrastructure Investment Bank will complement rather than compete with established international lenders, officials say, as another two European countries expressed their interest in joining.

THE new development bank is moving forward despite opposition from the United States, after France, Germany, Italy and even long-time US ally Britain have given their blessing.

China's finance ministry said late on Friday that Switzerland and Luxembourg were also planning to join the AIIB.Finance Minister Lou Jiwei said the bank would not be a threat to other multilateral financial institutions including the Asian Development Bank (ADB) and the World Bank, the official Xinhua news agency reported."History revisited, the establishment of regional investment banks including the ADB and the European Bank for Reconstruction and Development did not weaken established (institutions), rather they reinforced the multilateral financial organisations and more vigorously push forward the global economy," Lou said.Lou said the new initiative, to be funded primarily by China, was proposed to meet the enormous demand for infrastructure investment in Asia.As a key member of the World Bank and the ADB, China will continue to support the existing banks in their work of global poverty relief and development, Lou said.Switzerland will formally become a founding member of the bank later this month if approved by other members, China's finance ministry said in a statement.A separate ministry statement said Luxembourg had also applied.Twenty-one countries including China, India and Singapore have expressed interest in joining the initiative to improve infrastructure in emerging Asian economies.The bank is expected to be formally established by the end of this year.

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