Bank approves membership for PNG

Beijing: The Asian Infrastructure Investment Bank’s (AIIB) Board of Governors has adopted resolutions approving two applicants to join the bank, bringing AIIB’s total approved membership to 86.
This round of approved applicants includes one regional and one nonregional prospective members.
The approved applicants are Papua New Guinea and Kenya.
“We’re very happy to welcome PNG and Kenya as prospective members of AIIB,” said AIIB vice president and corporate secretary Sir Danny Alexander.
“AIIB now has 86 approved members from six continents.
“This shows a strong commitment to promoting infrastructure development through rules-based multilateral cooperation with high standards of governance.”
The two prospective members will officially join AIIB once they complete the required domestic processes and deposit the first instalment of capital with the Bank.
The shares allocated to the new prospective members come from AIIB’s existing pool of unallocated shares.
At its launch in January 2016, there were 57 signatories to AIIB’s Articles of Agreement.
In March, May, June and December last year, the bank announced the approval of another 27 prospective members.
AIIB expects to continue welcoming new members in the future.
The Asian Infrastructure Investment Bank is a multilateral development bank that aims to improve social and economic outcomes in Asia and beyond. – aiib.org