Iran, UAE ap­proved to join China-led AIIB

The China Post - - BUSINESS INDEX & -

Iran has been ap­proved as a found­ing mem­ber of the Bei­jing-backed Asian In­fra­struc­ture Bank (AIIB), China’s Fi­nance Min­istry said Tues­day, just days af­ter Tehran sealed a his­toric frame­work agree­ment on its nu­clear pro­gram.

Tehran’s ap­pli­ca­tion was backed by other found­ing mem­bers on Fri­day, China’s Min­istry of Fi­nance said in a state­ment on its web­site. The United Arab Emi­rates’ bid was also ap­proved.

More than 50 coun­tries, plus Tai­wan, have now ap­plied to join the bank in a diplo­matic coup for Bei­jing af­ter the United States ini­tially op­posed its al­lies be­com­ing mem­bers.

The United States and its Asian ally Ja­pan have not sought to join.

But U.S. Trea­sury Sec­re­tary Ja­cob Lew said last week that Wash­ing­ton was “ready to wel­come” the bank, though he added it should com­ple­ment ex­ist­ing mul­ti­lat­eral in­sti­tu­tions such as the World Bank and In­ter­na­tional Mon­e­tary Fund.

Iran’s ap­proval — its ap­pli­ca­tion had not been pre­vi­ously an­nounced — comes im­me­di­ately af­ter the nu­clear deal that China helped to bro­ker.

Un­der the out­line nu­clear deal, the United States and the Euro­pean Union are to lift all nu­clear-re­lated sanc­tions on Iran once the U.N. atomic agency has ver­i­fied that Tehran has stuck to its terms.

The pro­posed lim­its will see Iran’s stocks of highly en­riched ura­nium cut by 98 per­cent for 15 years, while its un­fin­ished Arak re­ac­tor will not pro­duce weapons-grade plu­to­nium.

There are con­cerns over trans­parency of the AIIB, which will fund in­fra­struc­ture in Asia, as well as Bei­jing us­ing it to push its own geopo­lit­i­cal and eco­nomic in­ter­ests as a ris­ing power.

Newspapers in English

Newspapers from Taiwan

© PressReader. All rights reserved.