Three European countries, Italy, France and Germany, have confirmed plans to became funding member of the new Asian Infrastructure Investment Bank (AIIB).

German Finance Minister Wolfgang Schaeuble said that Italy, France and Germany want to bring their experience to help the US$50 billion bank build a solid reputation. Mr. Schaeuble added:

"We want to make a contribution to the positive development of the Asian economy, in which German companies are actively taking part,"

This announcement comes after the decision of the UK to become a prospective founding member of the AIIB.

New Zealand became on January 5th the 24th nation to sign on and join as a founding member the AIIB. Previously, in November 2014, we reported that Indonesia had decided to join the AIIB and one month before twenty-one Asian countries signed a Memorandum of Understanding (MOU) to establish the AIIB.

According to sources, South Korea, Switzerland and Luxembourg are considering joining the AIIB and Washington, Tokyo and Seoul have declined to become founding members.

About 30 countries have agreed to participate in the AIIB.

Chinese foreign ministry spokesman Hong Lei stated:

"We welcome countries to join the AIIB as prospective founding members. The AIIB is an open and inclusive multilateral investment institution. Participation by countries outside the region will intensify the extensive representativeness of the AIIB."

Once fully operational the AIIB will support access to finance for infrastructure projects across Asia, using a variety of support measures, including loans, equity investments, and guarantees, to boost investment across a range of sectors including transportation, energy, telecommunication, agriculture and urban development. This support can complement the work already done in the region by existing Multilateral Development Banks such as the World Bank and Asian Development Bank.