Last week saw the first new set of signatories join the Asian Infrastructure and Investment Bank (AIIB) since the original 57 nations joined on the institution’s inception back in 2015. And with these 13 new countries buying into China’s alternative to the West’s International Monetary Fund (IMF) bank, a total of 70 countries have recognized the shift that is taking place from West to East in the global financial system.
However these new 13 members are not the only ones suddenly rushing into the AIIB, as an announcement on March 25 shows that 15 more governments have applied to join, which would make the number of countries joining the AIIB equal to nearly half the total number of countries currently recognized in the world.
Fifteen new members will soon join the Asian Infrastructure Investment Bank (AIIB), which will bring the total number of members to nearly 90, AIIB President Jin Liqun announced on Saturday.
The comment came after the bank expanded its membership to 70 last week by approving 13 countries and regions as new members.
Jin said the participation of new members from North and South America, Africa and Europe will bring positive changes to the AIIB’s operations, implying that the bank will expand investment outside of Asia. – China Daily
As of today there are 193 recognized nations in the world today, with 177 of them having an annual GDP of just over $1 billion, and only 61 having an annual GDP of over $100 billion. This means that the majority of nations in the world are ripe for potential development, which China is already pursuing through its Belt and Road project meant to connect the world in both trade and development.
Original List of Founding AIIB Members:
- Australia, Austria, Azerbaijan, Bangladesh, Brazil, Brunei, Cambodia, China, Denmark, Egypt, Finland, France, Georgia, Germany, Iceland, India, Indonesia, Iran, Israel, Italy, Jordan, Kazakhstan, Kuwait, Kyrgyzstan, Lao, Luxembourg, Malaysia, Maldives, Malta, Mongolia, Myanmar, Nepal, Netherlands, New Zealand, Norway, Oman, Pakistan, Philippines, Poland, Portugal, Qatar, Republic of Korea, Russia, Saudi Arabia, Singapore, South Africa, Spain, Sri Lanka, Sweden, Switzerland, Tajikistan, Thailand, Turkey, UAE, United Kingdom, Uzbekistan, Vietnam
List of New Additions to the AIIB on March 23, 2017:
- Afghanistan, Armenia, Fiji, Hong Kong, and Timor Leste, Belgium, Canada, Ethiopia, Hungary, Ireland, Peru, Sudan and Venezuela.
13 New Members Awaiting Approval as of March 25, 2017 (TBA)