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        Business / Economy

        China wants to join European Bank for Reconstruction and Development

        By Cecily Liu (China Daily Europe) Updated: 2015-10-26 21:59

        China expressed interest in becoming a member of the European Bank for Reconstruction and Development, in an attempt to further participate in funding infrastructure and other investments in Europe, an EBRD spokesman said.

        China's application will lead to further discussions by both sides and eventually it may lead to a vote by all the other shareholders of EBRD before it can be approved. Currently the EBRD's existing shareholders include 64 advanced and developing nations.

        One reason for China's interest in EBRD membership is the opportunity to invest more into infrastructure projects along China's new Silk Road, part of its One Belt One Road initiative.

        The initiative hopes to link China's trade routes further with other countries though both the land-based "Silk Road Economic Belt" and oceangoing "Maritime Silk Road".

        China has already established a $40 billion Silk Road Fund to provide financing to much of the infrastructure projects in the One Belt, One Road initiative, which is tied into the China-led Asian Infrastructure Investment Bank, which is seen as a catalyst for more infrastructure investments in the Asia region.

        EBRD President Suma Chakrabarti, told China Daily previously that the EBRD is very interested in working with its counterparts in China to examine how EBRD and the AIIB can co-finance projects, especially in geographical regions where they have overlapping responsibilities.

        "What I'd really like to achieve by next year, when the AIIB is running, is to have at least two or three co-finance projects. That's going to be our main push. Of course we can do other things together, but projects will be a good way to start," Chakrabarti said.

        Founded in 1991, the EBRD is a multilateral developmental investment bank that initially focused on countries of the former Eastern Bloc, but over time it expanded to support development in 30 countries from Europe to Central Asia.

        To contact the reporter: cecily.liu@mail.chinadailyuk.com

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