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    Chinese President Xi Jinping meets with guests of the Asian Infrastructure Investment Bank at the Great Hall of the People in Beijing on October 24, 2014

    German-US Ties Not At Stake Over Berlin's Decision to Join AIIB - Ministry

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    China's World Bank: Opportunity or Threat? (57)
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    The German decision to join Asian Infrastructure Investment Bank (AIIB) will not jeopardize Berlin-US relations, Frank Paul Weber, spokesperson for Federal Ministry of Finance told Sputnik Wednesday.

    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.

    “German-American relations are excellent and aren´t at stake in the decision to join the AIIB,” Weber said.

    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.

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    According to the Finance Ministry spokesman the new bank could promote economic and social development in the Asian region and contribute to global growth.

    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.

    China's World Bank: Opportunity or Threat? (57)


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