Ambassador: UK keen to play 'constructive role' in AIIB

By Zhang Lulu
0 Comment(s)Print E-mail China.org.cn, March 18, 2015
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Barbara Woodward, the newly appointed British ambassador to China. [Photo by Zhang Lulu/China.org.cn] 

Britain is keen to play a constructive role in the development of the Asian Infrastructure Investment Bank (AIIB), said Barbara Woodward, the newly appointed British ambassador to China, during a press conference in Beijing on Wednesday.

The AIIB is a China-led financial institution intended to boost investment in infrastructure in Asia. Britain filed its application to join the bank last week, becoming the first major Western country to do so.

"We hope we can play a very constructive role, not just in bringing experience in infrastructure investment, but also in helping to shape the AIIB in its founding moments, given that we have expertise and experience with international financial institutions and multilateral financial institutions," Woodward said.

"We are very keen to bring that expertise to the AIIB and help shape it to become a leading financial institution of its kind," she added.

Since its launch last October, the US$50 billion bank has been seen by some analysts as a possible challenge to existing financial institutions. Taking into account the huge demand for infrastructure in the vast Asia Pacific region, Woodward said, "The region should be able to accommodate both regional organizations including the AIIB and the ADB [Asian Development Bank], but also the continued involvement of the IMF and the World Bank. There’s space for all these organizations."

Britain’s latest move to join the AIIB has raised the eyebrows of the United States, the country’s closest ally, which questioned the bank’s standards of governance.

In her response to that issue, Woodward said that Britain has had "very constructive conversations" with the Chinese government, and that the Chinese side is "very clear that they want the AIIB to represent the highest possible standard of governance."

"We hope to work with China to ensure that governance standards are of the highest order, which will in the end help the development of the Asia Pacific region," she said.

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