Israel Applies To Join China-Backed AIIB Investment Bank

The Foreign Minister of Israel on Wednesday said that the Prime Minister of Israel, Benjamin Netanyahu has just signed a letter of application on behalf of Israel so as for the country to join the Asian Infrastructure Investment Bank (AIIB) which is currently being led by China.

If accepted, Israel will be joining other countries such as South Korea, France, Britain, Italy as well Australia who have stated that they will sign up to join the AIIB. Notable countries which are set to miss out on this are Japan and the U.S.

On Tuesday night, 31st March, was the deadline that had been set by officials in China for countries which are willing to join the AIIB to send their application. That said analysts view the AIIB as a way of China to enhance its influence both regionally and globally.

There have been efforts which have been made by Washington so as to encourage its allies to not sign up for the AIIB which they consider will be a huge problem to the Asian Development Bank as well as the World Bank which are majorly influenced by the U.S., according to several financial experts. However the U.S. later changed their view regarding the issue after many countries opted to sign up to join the bank.

On Tuesday Jack Lew, U.S.’s Treasury Secretary, said that Washington will welcome the new Asian Infrastructure Investment Bank (AIIB) given that it adopts governance standards which are very high as well as complement institutions which currently exists.