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47 Countries to Join China-Led Development Bank

© AFP 2022 / Takaki Yajima /POOLDelegates attend a signing ceremony of the Asian Infrastructure Investment Bank at the Great Hall of the People in Beijing on October 24, 2014
Delegates attend a signing ceremony of the Asian Infrastructure Investment Bank at the Great Hall of the People in Beijing on October 24, 2014 - Sputnik International
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The number of countries applying to be founding members of the Asian Infrastructure Investment Bank (AIIB) rose to 46 by the Tuesday deadline.

Chinese President Xi Jinping (C) takes photos with guests of the Asian Infrastructure Investment Bank at the Great Hall of the People in Beijing on October 24, 2014. - Sputnik International
Beijing May Not Allow Taiwan to Join AIIB to Avoid 'Two Chinas' Situation
The AIIB is a multilateral development bank proposed by China to provide financing to infrastructure projects in the Asia region.

The soaring participation reflects China's growing international clout and many countries’ desire for a more inclusive, balanced and mutually beneficial international economic order, Xinhua news agency reported.

The growing infrastructure demand in cash-strapped Asian countries will necessitate the need for more than $700 billion each year by 2020.

More countries are urging Washington to approve IMF quota reforms to allow a better balance of power, but previous attempts to give greater weight to rising states have stalled out of national interests.

Russia has signaled its readiness to take part in the China-led Asian Infrastructure Investment Bank (AIIB) - Sputnik International
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Boosting Bilateral Ties: Russia Vows to Join Chinese-led Development Bank
This is exactly where the AIIB, a China-proposed international lender open to all qualified countries, came in ready to finance major infrastructure projects in Asia and meet the growing demand for a more inclusive and balanced international financial order.

Focused as it is on infrastructure development in Asia, the AIIB offers abundant trade and investment opportunities also for developed countries with advanced technology.

47 countries have already applied to join AIIB including China, India, Indonesia, Israel, Bangladesh, Brunei, Cambodia, Jordan, Kazakhstan, Kuwait, Laos, Maldives, Malaysia, Mongolia, Myanmar, Nepal, New Zealand, Oman, Pakistan, Philippines, Qatar, Saudi Arabia, Singapore, Sri Lanka, Tajikistan, Uzbekistan, Thailand, Vietnam, France, Germany, Italy, the United Kingdom, Luxembourg, Switzerland, Austria, Turkey, South Korea, Brazil, Russia, Georgia, the Netherlands, Denmark, Australia, Egypt, Finland, Kyrgyzstan and Sweden.

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