Asia
China-led Asian bank accepts 3 new members
- Asian Infrastructure and Investment Bank confirms 3 applicants for membership, including Argentina and Madagascar

China-backed Asian Infrastructure Investment Bank (AIIB) approved the memberships of Argentina, Madagascar and Tonga to the bank, raising the bank's total approved membership numbers to 80, the bank said in a statement Friday.

The approved applicants include Tonga as a regional country, Argentina and Madagascar as non-regional prospective members.

"Well-integrated infrastructure and enhanced connectivity between Asia and the rest of the world has far reaching benefits for the global economy," President of AIIB, Jin Liqun was quoted as saying.

"Tonga is well known as the Friendly Islands in the South Pacific, while Argentina and Madagascar are important economies in South America and Africa, respectively. I look forward to the role our new members will play once they fully join the Bank."

The three prospective members will officially join AIIB once they complete the required domestic processes and deposit the first installment of capital with the Bank.

The Beijing-based AIIB is a new multilateral financial institution founded to bring countries together to address infrastructure needs across Asia.

The AIIB was officially established in December 2015 and started operations in January 2016 and has 57 founding member countries

In March and May 2017, the bank announced the approval of another 20 prospective members, who are currently in the process of finalizing their membership.

By Huseyin Erdogan

Anadolu Agency

huseyin.erdogan@aa.com.tr

 

 

17 Jun,2017
ASIA NEWS