BEIJING – Iran and United Arab Emirates (UAE) have been approved as founding members of the Asian Infrastructure Investment Bank (AIIB), China’s Ministry of Finance announced on Tuesday.
The decision was made by all existing members, including China, France, Germany, India, Italy and the United Kingdom.
The total number of prospective founders has now increased to 35.
They are Bangladesh, Brunei, Cambodia, China, France, Germany, India, Indonesia, Iran, Italy, Jordan, Kazakhstan, Kuwait, Laos, Luxemburg, the Maldives, Malaysia, Mongolia, Myanmar, Nepal, New Zealand, Oman, Pakistan, the Philippines, Qatar, Saudi Arabia, Singapore, Sri Lanka, Switzerland, Tajikistan, Thailand, the UAE, the United Kingdom, Uzbekistan and Vietnam.
The final number of founding members will be confirmed on April 15.
Founding members have the right to create governance and operating rules for the bank. Countries that apply to join after the March 31 deadline will have voting rights only, with less say in the rule-making process.
The AIIB is expected to be established by the end of this year, with a mission to support infrastructure projects in Asian counties.