Will become founding member on April 14

China welcomes Egypt's bid to join AIIB

GMT 04:58 2015 Tuesday ,31 March

Arab Today, arab today China welcomes Egypt's bid to join AIIB

Asian Infrastructure Investment Bank
Beijing - Arab Today

China has welcomed Egypt's bid to join the Asian Infrastructure Investment Bank (AIIB) one day before a deadline to join the bank as a founding member.
Egypt will become a founding member on April 14, should all existing members approve, according to a statement on the Finance Ministry's website.
The total number of applicants awaiting approval is now 13.
The bank now has 30 prospective founding members, since Switzerland and Britain were accepted on March 28.
Founding members have the right to make the bank's governance and operation rules. Countries joining after the deadline will simply have voting right, and less say in the rule-making process.
The AIIB originally had 21 founders including China, India and Singapore which signed a Memorandum of Understanding (MoU) last October in Beijing.
The bank is expected to be established by the end of this year.
The IMF, World Bank and other leading global lenders have all welcomed collaboration with the new bank to fill in Asia's infrastructure gap.
Source: MENA

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