Denmark has announced its intention to join the Asian Infrastructure Investment Bank (AIIB) as a founding member, and will thus be the first Nordic country to do so.
“It is a significant and exciting development in the world order that China is now establishing the Asian Infrastructure Investment Bank (AIIB). Since many Danish trade interests as well as development cooperation interests will be at stake in AIIB, there are many reasons to engage in and influence AIIB’s investment decisions from its beginning,” says Mr Mogens Jensen, Danish Minister of Trade and Development.
“The Danish government has therefore notified the Chinese government that Denmark is prepared to sit among the founding members of the AIIB in order to discuss further the establishment of the bank. It is important that the new financial institution will adhere to the international standards for development banks and that it will support our development policy priorities. The final decision on Denmark’s membership will be concluded in a later stage along with the exact Danish financial support of the activities of the bank,” Mr Jensen added.
“I am very happy that our government has taken this step. I find it only natural and logical. This year Denmark and China are celebrating our 65th anniversary of establishment of diplomatic ties, and already in 2008 our two countries signed a comprehensive strategic partnership,” says Mr Friis Arne Petersen, Ambassador of Denmark to China.
“Therefore, it is also natural we continue this line with the application to join the AIIB, so that the economic development in Asia can continue and help the poverty eradication in the region.”
“Denmark and China has had two State Visits during the past two years, with former President Hu Jintao visiting Denmark in 2012 and Her Majesty Queen Margrethe II visiting China in April 2014 on invitation by President Xi Jinping. On top of that we’ve also seen the Danish Prime Minister visit China twice in the past two years and countless Chinese leaders visit Denmark,” Mr. Petersen added.
Denmark has for many years been a world leader in committing to development assistance and cooperation. Different Danish governments have been dedicated to forming a win-win relationship with developing countries. This has resulted in successful development projects, including in Asia.
Denmark and China have previously worked together on a number of development projects including in August 2014, where a new multilateral initiative to boost renewable energy technology transfer between China, Ghana and Zambia was financed by Denmark and UNDP.
The Asian Infrastructure Investment Bank (AIIB) is an international financial institution proposed by the government of China. The purpose of the multilateral development bank is to provide finance to infrastructure projects in the Asia region. AIIB is regarded by some as a rival for the IMF, the World Bank and the Asian Development Bank (ADB), which are regarded as dominated by developed countries like the United States. The United Nations has addressed the launch of AIIB as “scaling up financial for sustainable development” for the concern of Global Economic Governance.