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1st LD writethru: France confirms to join China-proposed Asian bank: gov't spokesman

Xinhua, March 17, 2015 Adjust font size:

France has confirmed its intention to become one of the founding members of the Asian Infrastructure Investment Bank (AIIB), French government spokesman Romain Nadal told Xinhua on Tuesday.

"This new investment bank, which will aim to work in partnership with existing multilateral investment and development banks, can play an important role in financing infrastructure constructions of which Asia has a major need," Nadal said.

AIIB would not only participate in the economic and social development of the region, but would also contribute to global economic growth, he added.

France, along with Italy and Germany who also confirmed their respective intentions to join the AIIB, are eager to work together with the founding members of the AIIB to create this institution, Nadal said.

With an expected initial subscribed capital of 50 billion U.S. dollars, the AIIB will be an international financial institution to fund infrastructure projects in Asia and is expected to be formally established by the end of this year.

Twenty-one countries including China, India and Singapore signed a Memorandum of Understanding in Beijing in October last year to build the bank. Enditem