Ar­gentina, Mada­gas­car and Tonga join AIIB de­vel­op­ment bank

The Star Early Edition - - BUSINESS REPORT -

THE CHINA-ini­ti­ated Asian In­fra­struc­ture In­vest­ment Bank (AIIB) on Fri­day ap­proved the mem­ber­ship of Ar­gentina, the Repub­lic of Mada­gas­car and the Kingdom of Tonga at its sec­ond an­nual meet­ing of gover­nors.

The AIIB’s board of gover­nors adopted res­o­lu­tions ap­prov­ing the three ap­pli­cants to join the bank.

The ap­proval came at the sec­ond an­nual meet­ing of the AIIB’s board of gover­nors, which kicked off ear­lier in the day in South Korea’s south­ern re­sort is­land of Jeju.

The first meet­ing was held in Bei­jing last year.

This round of ap­proved ap­pli­cants in­cluded one re­gional prospec­tive mem­ber of Tonga and two non-re­gional mem­bers of Ar­gentina and Mada­gas­car.

Tonga was well known as the friendly is­lands in the South Pa­cific, while Ar­gentina and Mada­gas­car are im­por­tant economies in South Amer­ica and Africa each, said AIIB pres­i­dent Jin Liqun.

The AIIB is a mul­ti­lat­eral de­vel­op­ment bank.

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