France & Germany to join China-led $50bn infrastructure bank, along with Italy

The finance ministries of France and Germany have confirmed they’ll join China’s new Asian Infrastructure Investment Bank (AIIB), and Italy is expected to soon. Joining the rival to the US-led World Bank is seen as a setback for the Obama administration.

"The Ministry of Finance confirmed that France would join the AIIB bank," French daily Le Figaro reportedTuesday.

Germany’s finance ministry said it was joining the bank, the BBC says, although Italy has yet to confirm the earlier report by the Financial Times (FT) .... http://rt.com/business