CHINA

The China-backed Asian Infrastructure Bank (AIIB) has approved 13 new prospective members including Canada, in a coup for Beijing after Washington failed to dissuade US allies from signing up. The Beijing-headquartered multilateral lender, which began operations earlier last year, has been seen by some as a rival to the World Bank and the Philippines-based Asian Development Bank, which was founded in 1966. The US$100-billion AIIB already counts several major European countries among its shareholders. The 13 new members include Hong Kong, Canada, Venezuela, Afghanistan, Ireland, Hungary, Belgium, Peru, Ethiopia, and Sudan. They will officially join the AIIB after making their first deposit of capital and finishing required domestic processes, bringing the bank’s total membership to 70.