The United Kingdom’s unexpected decision to join the China-led Asian Infrastructure Investment Bank will likely trigger a snowball effect, with holdouts like Australia and the European Union following suit, according to Australian foreign policy and development experts.
With its announcement Thursday, Britain became the first major Western country to apply to join as a founding member of the $100 billion multilateral bank.
“We have taken the decision to become a prospective founder member of the AIIB to address a real investment need in Asia. It is in all of our interests to strengthen growth in this region and by taking this decision early on the U.K. is leading the way in influencing the AIIB’s founding processes to ensure that international best practice on safeguards and governance is met,” a representative from the British Treasury told the Financial Times.
About the authors
Lisa Cornish@lisa_cornish
Lisa Cornish is a freelance data journalist based in Canberra, Australia. Lisa formerly worked with News Corp Australia as a data journalist for the national network and was published throughout Australia in major metropolitan and regional newspapers, including the Daily Telegraph in Melbourne, Herald Sun in Melbourne, Courier-Mail in Brisbane and online through news.com.au. Lisa has recently been awarded the 2014 Journalist of the Year by the New South Wales Institute of Surveyors.
Alys Francis
Alys Francis is a freelance journalist covering development and other news in South Asia for international media outlets. Based in India, she travels widely around the region and has covered major events, including national elections in India and Nepal. She is interested in how technology is aiding development and rapidly altering societies.