Canada Joins China’s AIIB

The Asian Infrastructure Investment Bank said Thursday it has approved 13 applicants, including Canada, Hong Kong and Sudan, to join the China-led institution launched about a year ago, expanding its membership to 70.

The new members will officially become part of the Beijing-headquartered bank once they complete necessary procedures. As widely expected, the number of AIIB members is now set to outstrip that of the Asian Development Bank, led by Japan and the United States, which has 67 members.

It is the first time the Board of Governors of the AIIB has approved new members since it formally started operations in January last year with an authorized capital stock of $100 billion and 57 founding members.

“The interest in joining (the) AIIB from around the world affirms the rapid progress we have made to establish the bank as an international institution,” Jin Liqun, head of the lender, said in a statement.

Aside from Canada, Hong Kong and Sudan, the other prospective AIIB members are: Afghanistan, Armenia, Belgium, Ethiopia, Fiji, Hungary, Ireland, Peru, East Timor and Venezuela.

via Mainichi

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza