AIIB expects to increase 8 members by year's end

Asian Infrastructure Investment Bank (AIIB) President Jin Liqun speaks during a press conference in Beijing on January 17, 2016. [Photo: AP/Andy Wong]

The China-backed Asian Infrastructure Investment Bank expects to grow its membership to 85 by the end of 2017, bank president Jin Liqun said during the weekend.

China won broad support for the establishment of AIIB, with 57 founding members, Jin said at the Jiangsu Development Summit in Nanjing, East China's Jiangsu province.

"By the end of this year, a total of 85 countries and regions will become AIIB's members," Jin said.

Jin said that the Belt and Road Initiative and the AIIB are both great initiatives.

Reflecting on the process of setting up the new bank and securing support from founding members, he said China had shown its willingness to serve the world using the experience of reform and opening up.

"Though the Belt and Road Initiative doesn't cover all AIIB members, we will put more efforts in the future and believe more and more countries will join the AIIB," Jin added.

With 57 signatories at its launch in January 2016 and the approval of 20 prospective members in March and May of this year, AIIB aims to provide financing to address the daunting infrastructure needs across Asia.