Argentina, Madagascar and Tonga join AIIB development bank

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 ap- proving 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.