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Luxembourg to become the first european founding member of the Asia Infrastructure Investment Bank (AIIB)

Luxembourg thus becomes the first non-regional prospective founding member of the AIIB.

Luxembourg is a reliable partner in international development cooperation and, through its AIIB membership, will further extend its commitment towards multilateral aid mechanisms, in particular in the Asia-Pacific region.

The commitment of Luxembourg to support human and economic development in the World is evidenced by a continued level of 1% Gross National Income of official development aid with partner countries worldwide. Beyond traditional aid programs, the financing of infrastructure is a key factor to create favorable conditions for sustainable development.

With its adherence to the AIIB, Luxembourg, as a leading international financial center and a facilitator of investments between Europe and Asia, is ready to further develop its role as bridge-builder and gateway between the two continents.

Pierre Gramegna, Minister of Finance comments: “The fact that Luxembourg is the first non-regional country to be accepted as prospective founding member of the AIIB proves the long standing excellent relations between Luxembourg and Asia. This new partnership will further strengthen our ties and friendship, in particular with China, which has initiated the creation of the AIIB.”

Luxembourg will work with the other founding members to ensure that the AIIB will meet the highest and most stringent standards in terms of good governance, transparent lending policies, social and environmental safeguards as well as state-of-the-art procurement guidelines.

For more on Luxembourg’s development cooperation, see http://www.cooperation.lu

For more on Luxembourg’s Financial Center, see http://www.luxembourgforfinance.com

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