The First Secretary of State and Chancellor of the Exchequer (Mr George Osborne)
Yesterday the UK became the seventh member of the AIIB after ratifying the articles of agreement: the first non-regional member, first member of the G7 and first major western country to do so. In order to come into force the articles of agreement need to be ratified by at least 10 countries together holding 50% of the shares. This requirement is expected to be met during December.
In joining the AIIB the UK is demonstrating its support for China’s initiative to establish the bank to address the historic shortage of infrastructure investment in Asia. This will support economic growth in the region and drive up living standards. The UK’s membership will deepen economic ties with Asia and create opportunities for British businesses.
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