chinabacked bank approves 13 new members
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

China-backed bank approves 13 new members

Arab Today, arab today

Arab Today, arab today China-backed bank approves 13 new members

Jin Liqun, president of the Asian Infrastructure Investment Bank
Beijing - AFP

The China-backed Asian Infrastructure Investment Bank (AIIB) said Thursday it has approved 13 new prospective members including Canada, in a coup for Beijing after Washington failed to dissuad  US allies from signing up. 
The Beijing-headquartered multilateral lender, which began operations earlier last year, has been seen by some as a rival to the World Bank and the Philippines-based Asian Development Bank, which was founded in 1966.
The $100 billion AIIB counts several major European countries among its shareholders after they joined up despite Washington's objections.
The bank announced approval of 13 new members Thursday, including Hong Kong, Canada, Venezuela, Afghanistan, Ireland, Hungary, Belgium, Peru, Ethiopia, and the Republic of Sudan.
They will officially join AIIB after making their first deposit of capital and finishing required domestic processes, bringing the bank's total membership to 70, it said in a statement. 
"The interest in joining AIIB from around the world affirms the rapid progress we have made to establish the Bank as an international institution," AIIB president Jin Liqun said in the statement. 
"I am very proud that AIIB now has members from almost every continent, and we anticipate further applications being considered by our Board of Governors later this year."
Critics feared the bank would set low standards for projects and undermine principles of social, environmental and economic sustainability adhered to by the World Bank and other multilateral development finance institutions.
The United States and Japan -- the world's largest and third-largest economies, respectively -- have notably declined to join the bank.
In June the AIIB approved its first four loans, which totalled over half a billion dollars and were financed jointly with the ADB and World Bank, its putative rivals.  
The loans went to projects in Pakistan, Indonesia, Tajikistan and Bangladesh. 


Source: AFP

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

chinabacked bank approves 13 new members chinabacked bank approves 13 new members

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

chinabacked bank approves 13 new members chinabacked bank approves 13 new members

 



GMT 05:17 2017 Wednesday ,01 February

US stocks end mixed amid earning reports

GMT 04:59 2017 Saturday ,23 September

Suicide bombers kill 3 in Iraq restaurant

GMT 15:57 2017 Monday ,23 January

Zayed Giving Initiative hosts second banquet

GMT 23:52 2017 Sunday ,01 October

Need more room? Twitter testing 280-character limit

GMT 15:03 2017 Sunday ,24 September

Three terrorists killed in DI Khan: ISPR

GMT 08:13 2017 Friday ,03 March

Israeli photographer David Rubinger dead at 92

GMT 01:11 2017 Saturday ,11 November

Saudi graft purge 'raises a few concerns': Tillerson

GMT 00:56 2017 Monday ,09 January

Money has lost anonymity post demonetisation

GMT 00:27 2017 Saturday ,25 February

Merkel will defy populists and stay on course to 2017

GMT 14:36 2017 Friday ,01 December

Disney makes history as 'Thor' pushes takings to $5bn

GMT 08:18 2017 Thursday ,02 November

Title-holder Mahrez excluded from CAF nominees

GMT 07:00 2017 Monday ,06 March

Colombia FARC women rebels plan

GMT 14:37 2017 Sunday ,19 November

Mnangagwa replaces Mugabe as ZANU-PF party chief

GMT 05:05 2017 Tuesday ,21 November

Trump designates DPRK as state sponsor of terror

GMT 15:21 2018 Wednesday ,12 December

Israeli forces arrest 16 Palestinians in West Bank
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday