Asian Infrastructure Investment Bank Takes on 7 Constituents; Membership Hits 77



(Yicai Global) May 14 -- The Asian Infrastructure Investment Bank (AIIB) said yesterday that its Board of Governors has adopted resolutions approving seven applications to join the bank, bringing its total membership to 77, state-run Xinhua news agency reported.

The seven additional constituents include three regional members -- Bahrain, Cyprus and Samoa -- as well as four non-regional ones -- Bolivia, Chile, Greece and Romania.

They will officially join AIIB once they complete the required domestic processes and deposit their first installment of capital with the bank.

In March 2017, AIIB became the second largest multilateral development institution after the World Bank, overtaking the European Bank for Reconstruction and Development and the Asian Development Bank. The total number of AIIB constituents had reached 70 after the organization approved accession applications from 13 joining members in the first admission of newcomers since its foundation in January 2016.

AIIB said it would continue to welcome new members this year.

Follow Yicai Global on Facebook @yicaiglobal and Twitter @yicaichina.