AIIB approves 3 new members at 2nd annual meeting

The China-initiated Asian Infrastructure Investment Bank (AIIB) on Friday approved the membership of Argentina, the Republic of Madagascar and the Kingdom of Tonga at its second annual meeting of governors. 

The headquarter of AIIB in Beijing. [Photo: Agencies]

The AIIB's board of governors adopted resolutions approving the three applicants to join the bank. 

The approval came at the second annual meeting of the AIIB's board of governors, which kicked off earlier in the day in South Korea's southern resort island of Jeju. The first meeting was held in Beijing last year. 

This round of approved applicants included one regional prospective member of Tonga and two non-regional members of Argentina and Madagascar. 

"Well-integrated infrastructure and enhanced connectivity between Asia and the rest of the world has far-reaching benefits for the global economy," said AIIB President Jin Liqun. 

Tonga was well known as the friendly islands in the South Pacific, while Argentina and Madagascar are important economies in South America and Africa each, said Jin. 

The AIIB chief expressed his anticipation of the role the three new members will play once they fully join the bank. 

The three prospective members will officially join the AIIB once they complete the required domestic processes and deposit the first installment of capital with the bank. 

Officially launched in January 2016, the Beijing-based AIIB is a multilateral development bank initiated by China and supported by a wide range of countries and regions, which will provide financing for infrastructure improvement in Asia.