Former European Commission president backs AIIB

By He Shan
0 Comment(s)Print E-mail, July 29, 2015
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In an interview with, José Manuel Barroso, former president of the European Commission, said he is in favor of the China-initiated Asian Infrastructure Investment Bank (AIIB), adding that the initiative can be a win-win situation.

José Manuel Barroso, former president of the European Commission [Photo/]

"My position is in favor," Barroso said. "It makes sense that China wants to create a bank for infrastructure and investment, because it can be win win."

The AIIB has an authorized capital of US$100 billion and is designed to finance infrastructure construction, as many countries do not have the capacity to fund the infrastructure upgrades they need.

European countries, including Britain, Germany, France, Italy, Switzerland and Luxemburg, have announced their intention to join the bank as prospective founding members, in defiance of the United States, which had lobbied its allies to boycott China’s proposal to establish the AIIB.

"Frankly I don't agree with those who were opposing," the former president said. "I didn't see that there are contradictory interests; I see convergences."

He said his vision and the vision that Europe has been promoting all these years is a vision of complementarity, rather than confrontation, in terms of economic opportunities.

Even if the interests are contradictory, he thinks negotiation is the solution.

He believes that if Europe can bring some financing to the development of infrastructure in Asia, there will also be opportunities for European companies to come.

"There will be more resources and opportunities for business," he said. "We need more capital to fuel growth and to generate more employment."

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