57 countries join China's AIIB

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57 countries join China's AIIB

A total of fifty seven nations will finally join the China-led Asian Infrastructure Investment Bank (AIIB) as prospective founding members.

The lasted member that have join the AIIB have been Sweden, Israel, South Africa, Azerbaijan, Iceland, Portugal and Poland.

The 57 funding members are the following: Australia, Austria, Azerbaijan, Bangladesh, Brazil, Brunei, Cambodia, China, Denmark, Egypt, Finland, France, Georgia, Germany, Iceland, India, Indonesia, Iran, Israel, Italy, Jordan, Kazakhstan, Kyrgyzsan, Kuwait, 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 and Vietnam

According to sources North Korea's application was rejected and Taiwan has plans to join the institution as a regular member. The United States and Japan did not apply to join.

The bank has been initially capitalised with US$50 billion, about 50% of them has been funded by China. According to sources, Australia could reportedly invest up to $3 billion in the bank, which is expected to be established by the end of 2015.

Once fully operational the AIIB will support access to finance for infrastructure projects across Asia, using a variety of support measures, including loans, equity investments, and guarantees, to boost investment across a range of sectors including transportation, energy, telecommunication, agriculture and urban development. This support can complement the work already done in the region by existing Multilateral Development Banks such as the World Bank and Asian Development Bank.

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