UK’s AIIB bid sensible
Print Edition
BRITAIN’S bid for the China-backed Asian Infrastructure Investment Bank made complete sense for the country as there was a huge opportunity for it to expand infrastructure investment in Asia, an expert said.
“There is a huge savings pool in Asia, but the financial sector is still underdeveloped. The demand of transferring savings to investment is a big opportunity. I think it makes complete sense for Britain to join AIIB,” said Gerard Lyons, chief economic advisor for the mayor of London.
Besides, Britain’s superiority in transport logistics could help it play an important role, Lyons added.
The US’s criticism of Britain’s application came as a surprise, he said, “but I think the fact China is the leading player is not the key issue, and it’s important for Britain to have a global view about what it needs to do.”
He also said the relationship between the Asian Development Bank and the AIIB should be one of coexistence.
“The existence of the ADB or the World Bank does not mean that other institutions could not grow,” Lyons concluded.
Britain on Thursday said it hoped to become the first major Western country to join the Beijing-headquartered AIIB. But its announcement got a frosty reception from the US, which questioned whether the AIIB would have high standards on governance.
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