In reaction to more than 50 nations signing Asian Infrastructure Investment Bank Articles of Association (AIIB), Steve Price-Thomas, Oxfam's Deputy Advocacy and Campaigns Director, said:
"More money for Development is always welcome especially as there are strong needs for investment in infrastructure. This new Bank must put fighting poverty and inequality at the heart of its mission, so it is essential the infrastructure funded by the Bank helps meet the needs of people living in poverty.
"The Bank should also adopt environmental and social standards that are at least as good as the highest existing international standards. Proper implementation of and due diligence regarding environmental and social standards will yield significant additional benefits, maximize development outcomes, and lead to more profitable interventions.
"It's also important that the Bank is operated transparently, and puts in place mechanisms that make it accountable not only to its main funders, but also to borrowers and people affected by the Bank's operations.
"The decision of countries signing up to join the AIIB will be judged on their actions on these issues at the AIIB."