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AIIB Approves Admission of 13 Nations

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EIRNS—Approving the application of five regional prospective members — Afghanistan, Armenia, Fiji, Hong Kong, and Timor Leste — and eight non-regional prospective members — Belgium, Canada, Ethiopia, Hungary, Ireland, Peru, Sudan and Venezuela, Jin Liqun, president of the Asian Infrastructure Investment Bank (AIIB), said: "The interest in joining AIIB from around the world affirms the rapid progress we have made to establish the bank as an international institution," the Shanghai Daily reported today. The 13 prospective members, who will join with the 57 signatory-nations at its establishment in 2015, "will officially join AIIB once they complete the required domestic processes and deposit the first installment of capital with the $100 billion bank."

Earlier it was reported that the AIIB will focus on three major tasks this year: sustainable infrastructure, cross-country connectivity and mobilization of private capital.

Reporting on the AIIB’s announcement to include 13 more nations, Xinhua quoted Chen Xulong, a researcher with China Institute of International Studies, saying, "These prospective members are at different stages of economic development, a testimony to the inclusiveness of the bank, and contribute to inclusive global development." Another Chinese academic, Wei Ling, director of Institute of Asian Studies at China Foreign Affairs University, welcoming the new member-nations, pointed out to Xinhua that globalization has suffered setbacks in Europe and the United States. "The AIIB can not only improve connectivity, but can speed up regional integration," Wei added, Xinhua reported. [RMA]

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