The administration of the European Bank of Reconstruction and Development (EBRD) supported the China’s application to join the financial organization. The next step should be the official approval of the application from the shareholder countries, RBC-Ukraine (РБК-Украина) reports.
China needs this membership for expansion of influence on the global market as well as strengthening business relations between Europe and Asia.
If the application is approved on all levels, then China will obtain a share in the bank in the amount of 0.1%. EBRD membership will sooner require investments, however the bank plans will intersect with interests and initiatives of China. For example, the financial institutions is working in Kazakhstan, where the country plans to launch the project “One Belt, One Road”, which envisages the development of infrastructure projects in Asia, Europe and other regions of the world.
EBRD in its turn stated willingness to cooperate with the recently created Chinese Asian Infrastructure Investment Bank (AIIB).
