Asian Infrastructure Investment Bank approved two new applicants expanding membership to 86

Beijing. May 4. Silkroadnews - The Asian Infrastructure Investment Bank (AIIB) announced that its board of governors has adopted resolutions approving applications from Papua New Guinea and Kenya to join the bank, bringing its total approved membership to 86, Xinhua reports.
“We’re very happy to welcome Papua New Guinea and Kenya as prospective members of AIIB,” the agency cited AIIB Vice President and Corporate Secretary Danny Alexander.
“AIIB now has 86 approved members from six continents. This shows a strong commitment to promoting infrastructure development through rules-based multilateral cooperation with high standards of governance,” Alexander added.
Both new members will officially join the AIIB as soon as they complete the required domestic procedures and transfer the first installment to the bank.
According to the AIIB, the shares allocated to new members come from the existing pool of unallocated shares of the AIIB.
The aim of the AIIB, founded in Beijing in January 2016, is to improve social and economic development in Asia and beyond by investing in sustainable infrastructure and other productive sectors.