30+ Countries Lined Up To Join China’s AIIB
There are more than 30 countries waiting to join the Asian Infrastructure Investment Bank (AIIB), in addition to its 57 founding members, the bank’s President said Friday.
The AIIB is now working on accepting new members, Jin Liqun said at the Boao Forum for Asia on the Chinese island province of Hainan.
“I think the new member issue will be solved before the end of this year,” he said.
A not-for-profit multi-lateral development bank initiated by China, the AIIB was officially established in December and it started operating in January. It is due to unveil its 1st projects in the 1-H of this year.
Existing financial institutions can not fully meet every nation’s infrastructure and other demands, so new ones like the AIIB will be a great help, Jin said.
The bank Chief also said it is possible for China’s Hong Kong Special Administrative Region to become a member as a sub-sovereign government, based on the bank’s articles of agreement. Hong Kong representatives have been involved in the AIIB negotiations as part of the Chinese delegation.
As a major international banking center, Hong Kong will have a significant role to play, Jin said.
Have a terrific weekend.
Paul Ebeling
HeffX-LTN
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