Business / Economy

Luxembourg confirms to become founding member of AIIB

(Xinhua) Updated: 2015-03-19 10:31

BRUSSELS -- Luxembourg has already submitted its candidacy to become a prospective founding member of the Asian Investment Bank for Infrastructure (AIIB), the Finance Ministry of Luxembourg confirmed to Xinhua on Wednesday.

"With its adherence to the AIIB initiative, Luxembourg, as an important international financial center hosting an increasing number of Asian banks and a facilitator of investments between Europe and Asia, is ready to further develop its role as bridge-builder and gateway between the two continents," commented the minister Pierre Gramegna, in an interview by Xinhua.

According to the minister, Luxembourg will work hard with other founding members to ensure that the AIIB will meet the highest and most stringent standards in terms of good governance, transparent lending policies, social and environmental safeguards as well as state-of-the-art procurement guidelines.

Luxembourg is a reliable partner in international development cooperation and would like to further extend its commitment towards multilateral aid mechanisms, in particular in the Asia-Pacific region, he added.

According to a statement released on Tuesday, France, Germany and Italy intend "to become founding members of the Asian Infrastructure Investment Bank."

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