MOSCOW (Sputnik), Yulia Shamporova — The AIIB was established in October 2014 with a registered capital of $100 billion. Apart from Germany, countries applying to join the financial organization as founding members include the United Kingdom, Switzerland, France, Austria, Australia.
Asian Infrastructure Investment Bank (AIIB) could work with the International Monetary Fund and World Bank, spokesperson for Germany's Federal Ministry of Finance said.
“AIIB could play a role in partnership with existing Multilateral Investment/Developments Banks, including the IMF and the World Bank,” Weber said.
Germany is among several European countries that agreed to join the China-backed AIIB.
“Germany decided to join the AIIB, because the AIIB, as a new Investment Bank working in partnership with existing Multilateral Investment/Development Banks, could play an important role to provide funds for addressing the large infrastructure needs in Asia,” Weber said.
The primary goal of the China-led bank 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.
Russia will become one of the founding member countries of the AIIB on April 14.
The new regional bank has raised concern in Washington as a potential competitor of Western financial institutions.