EIB planning to step up cooperation with China

European Investment Bank, Europe's long-term lending institution, is expected to officially inaugurate its office in Beijing in June to partly cooperate with China-led Asian Infrastructure Investment Bank, which it has discussed with China for a long time, said its top executive.

The lender will work with China to raise funds for the European Commission's 315 billion euros ($339.2 billion) investment plan for Europe spread over three years, said Werner Hoyer, president of the EIB.

Commenting on the Asian Infrastructure Investment Bank, Hoyer said at a briefing on Wednesday: "We have been in touch with the Chinese authorities for a long time."