(MENAFN- KNN India) At the last moment, Norway, Taiwan and others rushed for membership of the China-led Asian Infrastructure Investment Bank. However, Chinese rejection of the World Bank, the International Monetary Fund and the Asian Development Bank has miffed Washington and Tokyo -which initially were cool but now is contemplating some eventual partnership.
The founding members of the AIIB are a diverse group with a wide range of investment agendas. South Korea, marginalised in the Asian Development Bank, expects to take a stake of more than 5 per cent in the AIIB despite the US misgivings. With its heavy-equipment industry, Hyundai, Doosan and its infrastructure prowess in everything from roads and ports to bridges with Hanwha and Posco, South Korea is itching to overtake Japan as the second big power of Asia.
Australia, another country the Americans discounted, joined with China among its main export markets for coal, copper and iron ore. The United Kingdom, the first major European Union country to apply for the AIIB membership, may be hopes to regain the Asian.
Backing the Chinese initiative, India was one of the first countries to have signed up for the bank which is expected to offer stiff competition to other financial institutions such as the World Bank, the IMF and the Asian Development Bank (ADB). Countries that have been accepted as founding members of the AIIB include Nepal, Sri Lanka, Bangladesh, Pakistan, the Maldives, Britain, Australia, Austria, Brazil, Denmark, France, Germany, Italy, Netherlands and Spain.
The US and Japan have abstained from joining the AIIB, but expressed their cooperation.
Although Taiwan was rejected as a founding member of the AIIB, they are lobbying hard for membership.
The 57 prospective founding members cover five regions, including Asia, Oceania, Europe, Latin America and Africa, Shi said. (KNN/DB)
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