The head of the International Monetary Fund (IMF) has said that the organization would be "delighted" to co-operate with the China-led Asian Infrastructure Investment Bank (AIIB), which already has more than 30 members and is seen as a development bank similar to the World Bank.
While the US has criticised the UK and other allies for supporting the bank, Christine Lagarde stated that there was "massive" room for cooperation between the IMF and AIIB on infrastructure financing. Mrs Lagarde also said she believed that the World Bank would co-operate with the AIIB.
The US, however, sees the AIIB as a rival to the World Bank, and as a lever for Beijing to extend its influence in the region.
Moreover, Washington has said it hopes the UK will use "its voice to push for adoption of high standards".
States have until 31 March to decide whether to seek membership of the AIIB. Other nations besides the UK backing the venture include New Zealand, Germany, Italy and France.
China established the Asian lending institution in 2014 and has put up most of its initial $50bn in capital.
