REUTERS
The management of the European Bank for Reconstruction and Development (EBRD) backed China's bid on Wednesday to become a member of the bank, paving the way for what is expected to be final approval by shareholder governments next month, Reuters reported.
The EBRD has confirmed that the bank's management gave the green light for the application on China's membership to be sent to the bank's board of governors which are mostly the finance ministers of the 64 countries with stakes in the bank, according to the report.
If, as expected, they approve the proposal it would give Beijing a token but symbolic 0.1% stake in the EBRD and a new way of extending its global influence after its recent steps to boost trade links with Europe and Asia.
Read alsoChina launches international payment system CIPSIt is reported that China will be paying into the development bank rather than receiving investment from it. But work the EBRD is already planning in countries like Kazakhstan overlaps with China's so-called "One Belt, One Road" initiative," involving the aid in the development of promising and cost-effective infrastructure projects in Asia, Europe and other regions.
Read alsoChina's CNBM allowed to buy solar power plants in UkraineEBRD President Suma Chakrabarti has said the bank would like to do joint work with the new China-led Asian Infrastructure Investment Bank.