Switzerland to take part in founding of AIIB bank

[ZURICH] Switzerland will participate in the establishment of a new international development bank backed by China, along with several other western European countries, the Swiss government said on Friday.

The Alpine nation will become a prospective founding member of the Asian Infrastructure Investment Bank (AIIB), subject to approval by the existing signatories, the government said in a statement.

The AIIB was launched in Beijing last year to support investment in Asia in transport, energy, telecommunications and other infrastructure. It is seen as a rival to the Western-dominated World Bank and a major plank in spreading China's "soft power".

REUTERS