Bank approves three new regional applicants, four new non-regional applicants.
Today, the Asian Infrastructure Investment Bank (AIIB) announced that its Board of Governors has adopted resolutions approving seven applicants to join the Bank, bringing the Bank’s total approved membership to 77. This round of approved applicants includes three regional and four non-regional prospective members.
The approved applicants are as follows:
|Regional Prospective Members||Non-Regional Prospective Members|
“More and more countries are signing up to be members of AIIB because they see how internationalism can promote development in Asia, with far reaching benefits for the global economy.” said Jin Liqun, President, AIIB. “We welcome our new prospective members and thank them for joining us in our efforts to meet the infrastructure needs in the region.”
The seven prospective members will officially join AIIB once they complete the required domestic processes and deposit the first installment of capital with the Bank. The shares allocated to the new prospective members come from the Bank’s existing pool of unallocated shares.
At its launch in January 2016, there were 57 signatories to AIIB’s Articles of Agreement, and in March 2017, the Bank announced the approval of 13 prospective members who are currently in the process of finalizing their membership. The Bank expects to continue welcoming new members later this year.
AIIB is a new multilateral development bank founded to bring countries together to address the daunting infrastructure needs across Asia. Headquartered in Beijing, AIIB’s mission is to improve economic and social development in Asia by investing in high quality, financially viable and environmentally friendly infrastructure projects.