China-led AIIB adds 13 more members

BEIJING: The standing of the Asian Infrastructure Investment Bank (AIIB) is set to receive another boost after 13 more applicants were granted membership.

The accessions will bring the total roster of member countries to 70, and leave Japan and the United States as the only Group of Seven states without a stake in the lender. Memberships for Afghanistan, Armenia, Belgium, Canada, Ethiopia, Fiji, Hong Kong, Hungary, Ireland, Peru, Sudan, Timor Leste and Venezuela would be completed once they finish domestic processes and deposit the first payment of capital, said the China-led AIIB.

At a time when the Trump administration is signalling it will disengage from multilateral organisations, additions to the AIIB signal China’s increased role on the global stage. Shrugging off US qualms, the United Kingdom, Germany, France, Italy and other American allies, such as Australia and South Korea, signed up last year.

About a dozen more nations were waiting for membership approval, said AIIB. Bloomberg