Business / Economy

Norway 'very pleased' to be founding member of AIIB

(Xinhua) Updated: 2015-04-17 10:34

OSLO - Norway said Thursday it is "very pleased" that the Nordic country has been approved as a prospective founding member of the Asian Infrastructure Investment Bank (AIIB).

"We are very pleased that Norway now is approved among the group of 57 prospective founding member states to the AIIB," Norwegian Foreign Minister Borge Brende told Xinhua.

"We join the AIIB because we believe it is a good initiative and we trust that the bank will fulfil its intentions and be a supplement to established global institutions," he added.

China's Ministry of Finance said on Wednesday the prospective founding members of the AIIB finalized at 57, covering five continents, including Asia, Oceania, Europe, Latin America and Africa.

On Tuesday, it was announced that Egypt, Norway and Russia have been approved as prospective founding members of the China-proposed investment bank.

Founding members of the AIIB have the right to help define the bank's rules, while countries that applied to join after March 31 will be considered ordinary members with voting rights but less say in the rule-making process.

The AIIB will provide financing for roads, railways, airports and other infrastructure projects in Asia. It is expected to be established by the end of this year.

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