Xinhua, Geneva :
The State Secretariat for Economic Affairs (SECO) of Switzerland told Xinhua Wednesday that Switzerland does not consider the China-led Asian Infrastructure Investment Bank (AIIB) as a rival to other multilateral development banks, such as the World Bank or the Asian Development Bank.
According to the Swiss Federal Department of Economic Affairs, the bank’s rationale is to promote sustainable development in Asia, since the bank hopes to put forward an initial capital of 50 billion US dollars, with aspirations to reaching 100 billion US dollars upon official launching. Experts have pointed out that the bank would bridge an infrastructure funding gap endemic to certain Asian regions.
“In financing urgently needed infrastructure in the region, the AIIB can contribute to a sustainable economic development and to the alleviation of poverty,” said Beatrice Maser, Head of Economic Cooperation and Development.
The Federal Department of Economic Affairs, Education and Research (EAER) has also stated that “the bank has the potential to become an important part of the international financial architecture”.
For Switzerland, the positive ramifications are evident: the possible participation in AIIB-projects procurements is indeed very interesting for Swiss companies.
This is especially true as Maser reiterated “Switzerland’s strong economy especially in the areas of energy, transport and telecoms, but also in urban and rural development and the environment.” This comes at a time where bilateral relations between China and Switzerland have reached a high point.
According to the Federal Department of Foreign Affairs, China has been Switzerland’s biggest Asian trading partner since 2010. A bilateral free trade agreement was signed in Beijing in July 2013 and came into effect the following year.
The year of 2015 also marks 65 years of bilateral relations between the two countries.
In joining the bank, Switzerland has committed both financially and intellectually to ensure that the bank delivers on its objectives and projects from the outset.
This stems from “Switzerland’s longstanding experience in development assistance which it wants to bring into the foundation process”, said Maser.
Switzerland also stressed the importance of keeping up international standards of governance, as well as operational and safeguard policies. Maser hoped that “the AIIB will become a strong, effective and efficient Multilateral Financial Institution, complying with international best practices and international standards, and make a strong contribution to fill the infrastructure gap in the region. “
The State Secretariat for Economic Affairs (SECO) of Switzerland told Xinhua Wednesday that Switzerland does not consider the China-led Asian Infrastructure Investment Bank (AIIB) as a rival to other multilateral development banks, such as the World Bank or the Asian Development Bank.
According to the Swiss Federal Department of Economic Affairs, the bank’s rationale is to promote sustainable development in Asia, since the bank hopes to put forward an initial capital of 50 billion US dollars, with aspirations to reaching 100 billion US dollars upon official launching. Experts have pointed out that the bank would bridge an infrastructure funding gap endemic to certain Asian regions.
“In financing urgently needed infrastructure in the region, the AIIB can contribute to a sustainable economic development and to the alleviation of poverty,” said Beatrice Maser, Head of Economic Cooperation and Development.
The Federal Department of Economic Affairs, Education and Research (EAER) has also stated that “the bank has the potential to become an important part of the international financial architecture”.
For Switzerland, the positive ramifications are evident: the possible participation in AIIB-projects procurements is indeed very interesting for Swiss companies.
This is especially true as Maser reiterated “Switzerland’s strong economy especially in the areas of energy, transport and telecoms, but also in urban and rural development and the environment.” This comes at a time where bilateral relations between China and Switzerland have reached a high point.
According to the Federal Department of Foreign Affairs, China has been Switzerland’s biggest Asian trading partner since 2010. A bilateral free trade agreement was signed in Beijing in July 2013 and came into effect the following year.
The year of 2015 also marks 65 years of bilateral relations between the two countries.
In joining the bank, Switzerland has committed both financially and intellectually to ensure that the bank delivers on its objectives and projects from the outset.
This stems from “Switzerland’s longstanding experience in development assistance which it wants to bring into the foundation process”, said Maser.
Switzerland also stressed the importance of keeping up international standards of governance, as well as operational and safeguard policies. Maser hoped that “the AIIB will become a strong, effective and efficient Multilateral Financial Institution, complying with international best practices and international standards, and make a strong contribution to fill the infrastructure gap in the region. “
