19:54 GMT28 November 2020
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    China's World Bank: Opportunity or Threat? (57)
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    China's Ministry of Finance has announced seven new founding-member nations to its Asian Infrastructure Investment Bank (AIIB), bringing the total to 57; Norway is also on the list, despite the deep freeze in relations over the Nobel peace prize row

    The China-led AIIB has approved seven new nations as prospective founding members, bringing the total to 57.

    The new nations to sign in are Sweden, Israel, South Africa, Azerbaijan, Iceland, Portugal and Poland.

    Founding members of the AIIB have the right to help define the bank's rules, while countries that applied to join after March 31 will be considered ordinary members with voting rights only but less say in the rule-making process.

    Norway is also on the list despite the complete freeze in relations and cutting all high-level ties between the two countries.

    The conflict goes back to 2010 when the Nobel Peace Prize went to jailed Chinese dissident Liu Xiaobo.

    The Norwegian government had insisted that the Nobel Committee is independent and makes its own choices

    The United States and Japan are the two major nations to have abstained from joining the AIIB.

    On Tuesday, a senior Canadian finance official said that Ottawa was actively considering joining the institution, despite US and Japanese reservations, according to Reuters.

    So far, Taiwan is the only territory to have been rejected its application.

    China said it would welcome the island to join in the future "under an appropriate name".

    China sees Taiwan, the self-ruled island of 23 million people as a renegade province; it considers Taiwan part of its territory and has repeatedly pledged to take it back, with the use of force being mulled as an option.

    "Chinese Taipei" is the name Taiwan wants to use when joining the AIIB

    Topic:
    China's World Bank: Opportunity or Threat? (57)

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    founding memer, Asian Infrastructure Investment Bank (AIIB), China
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