Hungary to join China-backed AIIB investment bank: PM Orban
[ASTANA] Hungary has decided to join the China-led Asian Infrastructure Investment Bank (AIIB), Prime Minister Viktor Orban said on Wednesday.
More than 40 countries, including Australia, South Korea, Britain, France, Germany and Italy, have said they would sign up to the AIIB, with Japan and the United States the two notable absentees.
"I would like to announce here that we will join the Asian international development bank," Mr Orban, referring to the AIIB, told a news briefing during a visit to Kazakhstan.
"We will follow the example of Kazakhstan," he added, giving no further details.
China set a March 31 deadline to become a founding member of the AIIB, an institution that could enhance Beijing's regional and global influence.
Washington initially tried to dissuade its allies from joining the AIIB, seeing it as a challenge to the World Bank and Asian Development Bank over which the US exerts considerable influence, but changed tack after many signed up for it.
REUTERS
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Banking & Finance
JPMorgan talking with investors about two synthetic risk transfers
HSBC says growing Chinese wealth fuels client investments in US
Money laundering accused Su Baolin to plead guilty after being handed 3 more charges
UBS flags 'serious' concern about new Swiss capital requirements
OCBC should put its properties into a Reit and distribute the trust’s units to shareholders
Lloyds bank says quarterly profits sink on higher costs