04:20 GMT28 February 2020
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    The agreement on founding the Asian Infrastructure Investment Bank was approved by Turkish president Recep Tayyip Erdogan and sent to the office of the prime minister, according to the statement of the president's administration.

    MOSCOW (Sputnik) — Turkish President Recep Tayyip Erdogan has approved the country joining the China-led Asian Infrastructure Investment Bank (AIIB) as a founding member, the president's administration said in a statement Tuesday.

    In April 2015, the Chinese Finance Ministry announced that the AIIB had accepted Turkey’s application to join the bank as a founding state.

    "[The] agreement on founding the Asian Infrastructure Investment Bank has been approved by president [Erdogan] and sent to the office of the prime minister," the statement published on Erdogan's website reads.

    The AIIB, an international financial institution proposed by China to invest in infrastructure projects in the Asia-Pacific region, was established in October 2014.

    The bank will become fully operational after its board of directors and executive council meet at an opening ceremony scheduled for January 16-18. Chinese President Xi Jinping and Prime Minister Li Keqiang are expected to take part in the ceremony.


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    Asian Infrastructure Investment Bank (AIIB), Recep Tayyip Erdogan, China, Turkey
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