Sat, Mar 21, 2015 - Page 15 News List

Japan, Australia voice support for AIIB

MONEY TALKS:Despite Britain’s decision to join the China-based bank, the US has questioned whether the AIIB would have sufficient environmental safeguards

Reuters, TOKYO and SYDNEY

Organisation for Economic Co-operation and Development Secretary-General Angel Gurria yesterday welcomed major European nations’ participation in the bank, saying it would ensure the institution was run under existing global standards.

“The fact that some of the European countries are now associating with the project makes me even more convinced that it is going to be run in a very professional, transparent way,” Gurria said.

Details of the AIIB’s financing and participation remain to be worked out, but Gurria said: “The severity, the rigor, the analytical detail and the feasibility of both the projects and the policies are going to be very much comparable to those of the other development banks.”

Additional reporting by AFP

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