AIIB approves 7 new applications, expands membership to 77

By People’s Daily-Mareeg.com-The Asian Infrastructure Investment Bank (AIIB) announced Saturday that its membership has been expanded to 77 after its Board of Governors approved new applications from seven countries.

Jin Liqun, AIIB president, said that three of the new members are “regional” — Bahrain, Cyprus, and Samoa. The other four are non-regional prospective members, namely Bolivia, Chile, Greece and Romania.

The seven prospective members also need to complete the required domestic processes and deposit their first installment of capital with the AIIB before officially joining the bank.

The bank announced the introduction of its first 13 new members this March, bringing the bank’s total membership to 70 from 57 signatories at its launch in January 2016.

New members are welcomed to join the bank this year, it pledged.

Photo taken shows the stone monument in front of the headquarters building of the Asian Infrastructure Investment Bank (AIIB) in downtown Beijing, capital of China. The establishment of the bank is believed to replenish the current international financial order and create new energy for global governance in the 21st century. With more countries applied to join the bank, it has expanded its membership to 77. (Photo by Xinhua News Agency)

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Mareeg senior news editor since 2001 and he can be reached at news@mareeg.com