AIIB expands membership to 77

The Chinese-led Asian Infrastructure Investment Bank (AIIB) announced that it approved seven applications to join the bank, bringing the number of members to 77. New members include, Greece, Chile, Bolivia, Romania, Bahrain, Cyprus and Samoa. “More and more countries are signing up to become members of AIIB because they see how internationalism can promote development in Asia, with far reaching benefits for the global economy,” said Jin Liqun, AIIB president. The seven prospective members will officially join AIIB once they complete the required domestic processes and deposit their first installment of capital with the bank. The AIIB was launched last year, with 57 members, including Poland. The bank is a new Chinese initiative, designed to be an alternative to international financial institutions, such as the IMF or the World Bank. It will simultaneously act as an engine for infrastructural investments and the economic development of China. The AIIB's capital is to amount to $100 billion; each individual country's contribution will depend on its GDP and the purchasing power of its currency.