U.S. urges 'high standards' for Asian infrastructure bank

The United States on Friday once again called for "high standards" incorporated into any new multilateral institution like the China-proposed Asian Infrastructure Investment Bank (AIIB).

State Department spokeswoman Jennifer Psaki reiterated U.S. position in her comment on Britain's application a day earlier to join the AIIB as a founding member, a move Washington had reportedly complained about being taken with "virtually no consultation with the U.S."

"This is a sovereign decision made by the United Kingdom," Psaki told reporters at a daily news briefing. "We hope and expect that the United Kingdom will use its voice to push for the adoption of high standards."

"The United States and many major global economies all agree there is a pressing need to enhance infrastructure investment around," she said. "We believe any new multilateral institution should incorporate the high standards of the World Bank and the regional development banks."

"Based on many discussions, we have concerns about whether AIIB will meet these high standards, particularly related to governance and environmental and social safeguards," she added.

China on Friday pledged efforts to draw experiences from other multilateral development banks for AIIB's better performance.

The AIIB "will draw experiences from other multilateral development banks and avoid their detours so as to be more cost- effective and efficient," said Foreign Ministry spokesman Hong Lei at a daily press briefing, who also said the bank's operation and governance will be open, transparent, inclusive and responsible.

With an expected initial subscribed capital of 50 billion U.S. dollars, the AIIB will be an international financial institution to fund infrastructure projects in Asia and is expected to be formally established by the end of this year.

Twenty-one countries including China, India and Singapore signed a Memorandum of Understanding in Beijing in October last year 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.

China expects Britain, the first big Western economy to apply for AIIB membership, to formally become a prospective founding member by the end of March, if all goes well.