Arab Today, arab today spain south korea austria join aiib as founding members
Last Updated : GMT 21:34:07
Arab Today, arab today
Arab Today, arab today

Spain, South Korea, Austria join AIIB as founding members

Arab Today, arab today

Arab Today, arab today Spain, South Korea, Austria join AIIB as founding members

Asian Infrastructure Investment Bank (AIIB)
Beijing - XINHUA

Spain, the Republic of Korea and Austria have been approved as prospective founding members of the Asian Infrastructure Investment Bank (AIIB), the Ministry of Finance said on Saturday.

This brings the number of prospective founders to 41, the ministry said.

Founding members have the right to make rules for the bank. Countries that applied to join after March 31 will be ordinary members with voting rights only, and less say in the rule-making process. The founder membership will be finalized on April 15.

The AIIB will provide financing for roads, railways, airports and other infrastructure projects in Asia. It is expected to be established by the end of this year.

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