China-sponsored AIIB to expand its membership to 100 countries by year end

Beijing: China-sponsored Asian Infrastructure Investment Bank (AIIB) in which India and 56 other countries joined as founding members said it will expand its membership to nearly 100 countries and regions by year-end as it prepares to announce its first round of investment projects this month.

Some 30 countries are waiting to join the AIIB and 20 of them have expressed "firm commitment", AIIB President Jin Liqun was quoted as saying by state-run China Daily today. While the US and Japan have declined to join the bank, Jin said all countries would work together, regardless of the bank membership.

File image of Jin Liqun. AP

File image of AIIB President Jin Liqun in talks with other leaders. AP

"The door will remain open," Jin said, adding that US and Japanese companies will be treated equally and fairly by the AIIB.

Jin said the bank will announce its first round of infrastructure projects this month, and the second and third rounds by the end of the year.

The bank will extend funding to non-Asian countries with "strong economic relations" with the continent and from physical infrastructure projects to sectors including education, healthcare, and urban planning and management, he said.

The bank plans to holds the first meeting of the board of governors here on 25 June. Beijing-based AIIB was officially established late last year with authorised capital of $100 billion. China is the largest shareholder with 26.06 percent voting shares.

India is the second largest shareholder with 7.5 percent followed by Russia 5.93 percent and Germany with 4.5 percent. It prioritises investment in energy, power generation, transportation, rural infrastructure, environmental protection and logistics, Jin said.

Updated Date: Jun 01, 2016 15:35 PM

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