13 states including Canada, join AIIB

The Asian Infrastructure Investment Bank (AIIB) says it has approved 13 new applications to join it bringing the total membership of the bank which was initiated by China to 70.

The AIIB announced in a statement posted on its website that it was the first time that it welcomed new members since its inception. 

The newcomers include five regional states such as Hong Kong, Afghanistan, Fiji, Timor Leste and Armenia – as well as eight non-Asian countries such as Canada, Belgium, Hungary, Ireland, Peru, Venezuela, Republic of Sudan, and Ethiopia.    

"I am very proud that AIIB now has members from almost every continent," Reuters quoted AIIB President Jin Liqun as saying in the bank’s statement. "We anticipate further applications being considered by our Board of Governors later this year."

The inception of the AIIB came in 2014 when China moved to create an independent mechanism to invest in infrastructure projects in the Asia-Pacific region.

Authorities have said that the bank aims to provide financial facilities for a chain of development projects including the construction of dams, ports, power plants and telecommunications networks across Asia.

The AIIB is seen as an emerging rival to powerful Western-led financial institutions such as the World Bank, the Asian Development Bank and the International Monetary Fund.

SS