Friday, March 20, 2015

#Daily #Current #Affairs

China-backed AIIB to be joined by France, Germany, Italy

Three nations from European Union (EU) France, Germany and Italy have agreed to join the China-backed Asian Infrastructure Investment Bank (AIIB) after the United Kingdom (UK) decided to join the bank. If these western nations join the bank, the total number of the bank’s member states including India will go up to 30. It should be noted that UK was the first Western country to join the bank and also first nation to disregard the reservations expressed by the United States (US) which had raised concerns over banks transparency.