Sweden ‘Definitely Interested’ in Joining China-Led Development Bank - PM

Sweden hasn't decided yet on joining the China-led Asian Infrastructure Investment Bank (AIIB), however, Stockholm is "definitely interested" in this opportunity.

WASHINGTON (Sputnik) — Sweden is interested in joining the China-led Asian Infrastructure Investment Bank (AIIB), but has not made an official decision yet, Swedish Prime Minister Stefan Lofven said at The Brookings Institution in Washington, DC on Tuesday.

The AIIB was established in October 2014 with a registered capital of $100 billion. Since that time the United Kingdom, Switzerland, Germany, France, Austria, Australia and Italy have joined the organization. Russia, Brazil, the Netherlands and a number of other countries have applied for membership.

“Sweden is definitely interested and we are looking into it,” Lofven stated. “We haven’t decided, but we are very close and we think we will be interested as well in joining that.”

Prime Minister Lofven cited the opportunity in Asia, where the need for infrastructure investment over the coming decade, is estimated to be $70,000 billion.

“Of course, many companies, many countries want to be part of those investments,” he noted.

Initially, a number of countries were “hesitating” to invest in the AIIB, Lofven explained, but now “there is a huge interest” internationally to join the China-led investment fund.

The primary goal of the China-led AIIB is to finance major infrastructure projects in Asia. Some see the bank as a rival to the US-based International Monetary Fund and the World Bank.