U.S. Scales Back Concern Over Asian Infrastructure Investment Bank

Treasury Secretary Jacob Lew on Tuesday said the U.S. was prepared to welcome the Asian Infrastructure Investment Bank (AIIB) as long as it met existing standards. The U.S. had unsuccessfully fought to block European allies from becoming founding members of the AIIB, known as "China's World Bank." Returning from a quick trip to China, the Treasury Secretary said in remarks prepared for delivery to the Asia Society of Northern California that the test for the new bank will be the character of the projects funded. Having the AIIB co-finance projects with the World Bank and Asia Development Bank "will help demonstrate a commitment to the highest standards of governance, environmental and social safeguards, and debt-sustainability," Lew said.