PRESS RELEASE

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Austria Set To Become Sixth European Nation To Join AIIB

March 25, 2015 (EIRNS)—Austria has decided to participate in the Asian Infrastructure Investment Bank, Xinhua News Agency reported, citing a top Austrian Cabinet official. "Austria already has had close economic and political ties with the Asian region, and has always been very positive about international projects so far," said Johannes Frischmann, a spokesman for Austrian Finance Minister Hans Joerg Schelling.

The decision of the six European countries comes despite warnings from the U.S. over the AIIB’s governance and environmental standards.

China, for its part, has criticized the U.S.’s stance on the AIIB, and addressed concerns raised by the U.S. about its operation. European countries Britain, France, Germany, Italy, Luxembourg, and Switzerland have already applied to become Founding Members of the $100 billion bank, which intends to finance Asia’s rising infrastructure needs. Australia and South Korea, both key U.S. allies, will decide on membership soon. The application deadline for Founding Members is March 31.