19 June 2017

AIIB approves membership of Argentina, Madagascar, Tonga

AIIB approves membership of Argentina, Madagascar, Tonga

The China-led Asian Infrastructure Investment Bank (AIIB) has approved the membership of Argentina, Madagascar, and Tonga at its second annual meeting of Governors. The AIIB’s Board of Governors adopted resolutions approving the three applicants to join the bank at the second annual meeting, which kicked off earlier in the day in South Korea’s southern resort island of Jeju.

The first meeting was held in Beijing in 2016. The approved applicants included one regional prospective member of Tonga and two non-regional members of Argentina and Madagascar. The three prospective members will officially join the AIIB once they complete the required domestic processes and deposit the first installment of capital with the bank.

Important Takeaways from Above News-
  • Asian Infrastructure Investment Bank (AIIB) headquarters in Beijing, China.
  • Mr. Jin Liqun is the President of AIIB.
Source- AIR World Service

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