German FM voices support for China-proposed AIIB

Chinese Vice Premier Ma Kai (L) and German Finance Minister Wolfgang Schaeuble attend a press conference in Berlin, capital of Germany, on March 17, 2015. Germany confirmed to join the Asian Infrastructure Investment Bank (AIIB), German Finance Minister Wolfgang Schaeuble said on Tuesday. (Xinhua/Zhang Fan)

In announcing Germany's intention to become a prospective founding member of the Asian Infrastructure Investment Bank (AIIB), German Finance Minister Wolfgang Schaeuble said on Tuesday that Germany wants to help the bank to build a strong international reputation.

"We have agreed that infrastructure investment is important for further development in Asia. That's why we support China's plan to set up the infrastructure investment bank to make an important contribution to this purpose," Schaeuble said after the first China-Germany High Level Financial Dialogue held in Berlin.

"We want to contribute our extensive experience with international financial institutions to shaping the bank and help the new bank to build a strong international reputation through having high standards," he added.

Schaeuble also said Germany wants to deepen the excellent German-Chinese partnership and make contributions to positive development in Asia.

According to a joint statement after the high-level dialogue, both China and Germany agreed that "the AIIB as a new investment Bank could play an important role to provide funds for infrastructure in Asia."

Both France and Italy officially confirmed their intention to join the bank on Tuesday.

With an expected initial subscribed capital of 50 billion U.S. dollars, the AIIB will 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 found the bank.