Global instos ready to assist AIIB

Global financial institutions, including the International Monetary Fund and the Asian Development Bank, have pitched in to share knowledge and experience with the proposed Chinese-led regional bank, the Asian Infrastructure Investment Bank.

Traditional multilateral development banks appear to see the bank as a partner instead of a rival. International Monetary Fund chief Christine Lagarde has said the IMF would be "delighted" to co-operate with the AIIB.

The ADB has talked with Chinese officials to share its "knowledge and experience" based on its 50-year history.

The US sees the AIIB as a rival to the World Bank, and as a lever for Beijing to extend its influence in the region. The White House has also said it hopes the UK will use "its voice to push for adoption of high standards."

Britain broke with the US last week to announce it wanted to join the Chinese-led bank. Germany, France and Italy have also announced they will join the AIIB.

Chinese Finance Minister Lou Jiwei tried to ease foreign concern, saying the AIIB would complement institutions such as the World Bank and enable Beijing to shoulder more responsibility for development.

China proposed the bank in 2013 to finance construction of roads, ports and other infrastructure. It has pledged to put up most of its initial US$50 billion in capital.

The AIIB has more than 30 members and is envisaged as a development bank similar to the World Bank.

Countries have until March 31 to decide whether to seek membership.

Canberra has made no formal decision on joining. Australia rejected China's proposal last year, but is now signalling its intention to join the bank with an investment of A$2.3 billion, according to Chinese Xinhua news agency.