US Treasury Secretary Jacob Lew said Tuesday that Washington was "ready to welcome" the China-led Asian Infrastructure Investment Bank, backing off from tougher early resistance to the new development institution.

Lew said in a San Francisco speech just after a trip to Beijing that the United States would embrace any new international development bank providing it "complements" existing institutions like the World Bank and International Monetary Fund.

He also stressed that new institutions needed to "share the international community's strong commitment to genuine multilateral governance and decision making, and ever-improving lending standards and safeguards," according to his prepared speech.

China and 20 other countries signed a memorandum of understanding to establish the Beijing-headquartered bank in October.

Washington, worried about a China-dominated AIIB cutting into the work of the World Bank and Asian Development Bank -- where the US is the leading voice -- at first sought to persuade its allies to hold off from joining the banks.

But in recent weeks most European powers and other leading economies have signed on to the new institution, guaranteeing it a strong capital base and isolating the US position.

Speaking at the northern California chapter of the Asia Society, Lew said he was encouraged that Chinese leaders "made clear that they aspire to meet high standards and welcome partnership."

"Our consistent focus on standards has already had an impact and, as lending begins, the test will be the character of the projects funded and their impact on the people and countries they serve."

If the AIIB works with existing institutions to finance infrastructure projects around Asia, Lew said, it "will help demonstrate a commitment to the highest standards of governance, environmental and social safeguards, and debt-sustainability."

Snubbed Norway seeks to join China-led development bank
Oslo (AFP) March 31, 2015 - Norway said Tuesday it wanted to join the China-backed Asian Infrastructure Investment Bank, even though Beijing has snubbed Oslo since the Nobel Peace Prize was awarded to a Chinese dissident.

"Norway is a substantial contributor to global development efforts, and wishes to join countries from Asia and other parts of the world in further refining the structure and mission of the AIIB," Foreign Minister Boerge Brende said in a statement.

China has given other countries until March 31 to express interest in joining the project, which is aimed at financing infrastructure development in Asia.

The outcome of Norway's candidacy is uncertain, however. Beijing cut all high-level ties with Oslo after the Nobel Peace Prize went to Liu Xiaobo in 2010.

The Norwegian government has repeatedly maintained that the Nobel Committee is independent and makes its own choices, but the Chinese regime has torpedoed any attempts at normalising relations.

"The AIIB is an open and inclusive organisation and we welcome the participation of all parties to jointly promote infrastructure building in Asia," a Chinese government spokeswoman told reporters prior to Norway's announcement.

"We welcome countries in and outside the region to take an active part in the preparations for the establishment of the AIIB," she said.

Numerous countries, including Brazil, Britain, Egypt, France, Germany, Italy, Russia and Sweden have expressed interest in joining the AIIB.

Japan and the US are however sceptical.

The new multinational lender is seen as a threat to the World Bank and the Asian Development Bank, two institutions that are heavily influenced by the US and Japan.

Beijing said elsewhere on Tuesday that Taiwan would not be allowed to join the AIIB, citing its "One China" policy which sees the island as part of its territory awaiting reunification.

The AIIB, whose headquarters will be in Beijing, will initially have $50 billion (46 billion euros) at its disposal.

China is expected to foot the bulk of the initial money needed to get it started, with donations from other members set to increase the size of the overall fund to more than $100 billion.