Norway confirms intention to join Asian Infrastructure Investment Bank

Norway has confirmed its intention to join the Asian Infrastructure Investment Bank (AIIB) as a prospective founding member.

"Norway is a substantial contributor to global development efforts, and wishes to join countries from Asia and other parts of the world in further refining the structure and mission of the AIIB," said Foreign Minister Borge Brende.

"We hope the launch of the AIIB will help address a widely acknowledged infrastructure funding gap in Asia. The bank has received widespread support in both Asia and Europe. China's initiative highlights the increasing weight of the new and emerging powers. Norway has actively promoted closer political and economic ties with the Asia-Pacific region, and our decision to join the bank forms part of that strategy," Brede added.

"The establishment of the AIIB will be important for Norwegian development priorities. Norway will work to ensure that the AIIB embodies the best standards of governance, accountability and transparency. We expect it to work closely with and complement the efforts of other relevant institutions such as the Asian Development Bank, the World Bank and the International Monetary Fund," said Mr. Brende.

Norway will take part in discussions with the other founding members on the AIIB's Articles of Agreement, which will set out the terms of governance and accountability for the new institution.The final decision on Norway's membership of the AIIB, together with the structure and level of Norwegian financial support, will then be made, a press release of the Embassy of Norway said.