AIIB will learn from other multilateral institutions: China

The China-proposed Asian Infrastructure Investment Bank (AIIB) will draw experiences from other multilateral development banks and avoid their detours, China said on Friday.

The comment was in response to U.S. concern that the new institution should incorporate the high standards of the World Bank, expressed on the heels of Britain's announcement to join the bank as a founding member on Thursday.

China has confirmed and welcomed Britain's decision and is seeking the opinions of other founding countries, China's Finance ministry said. Britain is expected to formally become a prospective founding member by the end of March, if all goes well.

"The AIIB will complement existing multilateral development banks and support the infrastructure and economic development in Asia. Britain's move will further promote the common development of Asian countries, " Foreign Ministry spokesman Hong Lei said at a daily news briefing.

He said AIIB's operation and governance will be open, transparent, inclusive and responsible. "It will draw experiences from other multilateral development banks and avoid their detours so as to be more cost-effective and efficient."

The AIIB, with an expected initial subscribed capital of 50 billion U.S. dollars, will be an international financial institution to fund infrastructure projects in Asia. It is expected to be formally established by the end of 2015.

Twenty-one countries including China, India and Singapore signed a Memorandum of Understanding (MoU) last October in Beijing to build the bank.

China's Finance Minister Lou Jiwei said on March 6 that 27 countries had applied to join the bank as founding members.