Israel has confirmed reports that it is joining the Asian Infrastructure Investment Bank (AIIB), as the Israeli Foreign Ministry announced on April 1, Wednesday, that Prime Minister Benjamin Netanyahu signed a letter of application for Israel to join the China-led bank.
Israel made the announcement through an statement released on its website, the Global Times reported.
According to the Israeli Foreign Ministry, its membership to AIIB would open up opportunities for Israeli companies to participate in infrastructure projects that the bank will finance.
The report said that many Israeli firms have turned to Asia to take advantage of demand for technology, as the Israeli government has urged them to diversify export markets as anti-Semitism grew in Europe and trade sanctions are looming.
The Global Times also reported that AIIB has approved Germany's application as a prospective founding member, as announced by China's Ministry of Finance.
As of April 1, at least 50 countries, including Israel, make up the list of AIIB members.
The bank is set to confirm the final number of founding members on April 15.
China has set the deadline on March 31 for countries to apply as founding member.
According to AIIB, founding members will have the right to join in formulating governance and operating rules for the bank, while those that will join after the deadline will only be given the right to vote and lesser power in rule-making.
The report said that AIIB is set to invest $100 billion for infrastructure projects in some Asian countries, with China having 50 percent of the amount already budgeted.
The U.S. had earlier discouraged other countries from joining the AIIB, but on March 31, U.S. Treasury Secretary Jack Lew said that the U.S. would welcome the establishment of AIIB as long as it would complement other financial institutions and maintain high standards.