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New members seek to join China’s proposed infrastructure bank

by ChemOrbis Editorial Team -
  • 27/03/2015 (13:57)
According to media reports, several countries are seeking to join China’s proposed Asian Infrastructure Investment Development Bank (AIIB) as founding members before the March 31 deadline for applications. The AIIB will be an international financial institution which aims to provide financing for infrastructure projects in Asia. The US$50 billion bank is expected to launch by the end of this year. At least 35 countries reportedly are expected to join the AIIB before the application deadline on March 31.

Indonesia is reportedly seeking a major position within the new bank and has even reportedly offered to host the bank’s headquarters in Jakarta. Indonesia has argued that the position of vice president should be reserved for someone from a Southeast Asian country. Indonesia is likely to be one of the main beneficiaries of the bank as it will be seeking funding to improve its infrastructure.

Meanwhile, Turkey has also asked to join the AIIB as a founding member. Should Turkey’s application get approval from other founding countries, it will formally become a founding member as of April 10. In Addition to Turkey, South Korea also decided to join the AIIB as a prospective founding member and is currently waiting for approval from the other founding members. If the country is approved, it will reportedly sign a formal agreement around June.
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