Opposition and warnings from the U.S. and senior U.K. diplomats have not stopped China’s alternative to the World Bank, the Asian Infrastructure Investment Bank (AIIB), from gaining global support.
The U.K., a long-term U.S. ally, is joining the bank despite concerns from the U.S. and even against advice from some of its own Foreign Office diplomats, according to a report in the Financial Times on Friday.
Chancellor of the Exchequer George Osborne, who is tipped as a future U.K. Foreign Secretary post-election, reportedly over-rode warnings from U.K. diplomats to join the bank, which is being set up to fund infrastructure projects in Asia.
The U.K. is far from the only U.S. ally to join the bank. South Korea, long one of the U.S.’s staunchest allies in Asia, announced Thursday that it would be a founding member of the bank, sending shares in some of its iron and steel companies sharply higher. While it has a historic allegiance to the U.S., as China backed neighboring North Korea during the Korean War, China is now South Korea’s biggest trading partner… see more
source: cnbc
Tags: business, China's world bank, USA, World
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