Thursday, April 2, 2015

Portugal, Iceland, Hungary and Israel to join China-backed AIIB investment bank

For other updates about the AIIB check here.
- Justin

Source - Reuters

April 1st 2015

Hungary has decided to join the China-led Asian Infrastructure Investment Bank (AIIB), Prime Minister Viktor Orban said on Wednesday.

More than 40 countries, including Australia, South Korea, Britain, France, Germany and Italy, have said they would sign up to the AIIB, with Japan and the United States the two notable absentees.

"I would like to announce here that we will join the Asian international development bank," Orban, referring to the AIIB, told a news briefing during a visit to Kazakhstan.

"We will follow the example of Kazakhstan," he added, giving no further details.

China set a March 31 deadline to become a founding member of the AIIB, an institution that could enhance Beijing's regional and global influence.

Washington initially tried to dissuade its allies from joining the AIIB, seeing it as a challenge to the World Bank and Asian Development Bank over which the U.S. exerts considerable influence, but changed tack after many signed up for it. (Reporting by Raushan Nurshayeva; Additional reporting by Krisztina Than in Budapest; Writing by Dmitry Solovyov; Editing by Alison Williams)

Source - The Edge Markets

April 2nd 2015

LISBON/SHANGHAI (April 2): Portugal has applied to be a founding member of the Chinese-led Asian Infrastructure Investment Bank (AIIB), with the aim of promoting its business interests in Asia, the government said on Thursday.

More than 40 countries have applied to join the AIIB, with the United States and Japan as notable absentees.

"Portugal's participation would create better conditions for Portuguese companies taking part in projects in the Asian region, where the country has been intensifying its economic and trade relationships," the foreign ministry said in a statement.

It said it had applied for membership on March 31, the deadline for applications.

Portugal has historic cultural and trade links with its former colonies in India's Goa, China's Macau and East Timor.

After higher exports helped the economy climb out of a deep recession last year, Lisbon has said it aims to further boost exports as a share of gross domestic product.

The AIIB is seen as a potential rival to established lenders the World Bank and Asian Investment Bank, which are dominated by the United States and Japan.

Portugal, Iceland, Hungary and Israel are among recent applicants for AIIB membership, while Britain, Germany, Russia, Australia and Brazil have all said they intend to join.


Sign-up for RSS Updates:  Subscribe in a reader

Sign-up for Email Updates:

Delivered by FeedBurner

View and Share our Images
Curious about Stillness in the Storm? See our About this blog - Contact Us page.

If it was not for the galant support of readers, we could not devote so much energy into continuing this blog. We greatly appreciate any support you provide!

We hope you like this not-for-profit site 

It takes hours of work every day to maintain, write, edit, research, illustrate and publish this website from a small apt in Morocco, Africa.

Like what we do? Consider giving back, any amount helps!

[Click on Image below to Donate]

Support Stillness in the Storm