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AIIB Approves Membership of Argentina, Madagascar and Tonga
The Bank’s approved membership rises to 80
Today, the Asian Infrastructure Investment Bank (AIIB) announced that its Board of Governors has adopted resolutions approving three applicants to join the Bank, bringing the Bank’s total approved membership to 80. This round of approved applicants includes one regional and two non-regional prospective members.
The approved applicants are as follows:
|Regional Prospective Members||Non-Regional Prospective Members|
"Well-integrated infrastructure and enhanced connectivity between Asia and the rest of the world has far reaching benefits for the global economy," said Jin Liqun, President, AIIB. "Tonga is well known as the Friendly Islands in the South Pacific, while Argentina and Madagascar are important economies in South America and Africa, respectively. I look forward to the role our new members will play once they fully join the Bank."
The three prospective members will officially join AIIB once they complete the required domestic processes and deposit the first installment of capital with the Bank. The shares allocated to the new prospective members come from the Bank’s existing pool of unallocated shares.
"Since launching only 18 months ago, the Bank has welcomed 23 new members from around the world," said Sir Danny Alexander, VP and Corporate Secretary, AIIB. "Interest in the Bank remains high and our door remains open to new members that will be joining later this year."
At its launch in January 2016, there were 57 signatories to AIIB’s Articles of Agreement, and in March and May 2017, the Bank announced the approval of another 20 prospective members, who are currently in the process of finalizing their membership. The Bank expects to continue welcoming new members later this year.
AIIB is a new multilateral development bank founded to bring countries together to address the daunting infrastructure needs across Asia and beyond. Headquartered in Beijing, AIIB’s mission is to improve economic and social development in Asia by investing in high quality, financially viable and environmentally friendly infrastructure projects.
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