China-led AIIB adds 13 more mem­bers

New Straits Times - - Business -

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

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