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INTERNATIONAL > East Asia & Pacific

AIIB approves 2 newcomers, membership expands to 86

  • May 2, 2018
  • , Jiji Press , 1:39 p.m.
  • English Press

BEIJING — The China-led Asian Infrastructure Investment Bank said Wednesday that it has approved Papua New Guinea and Kenya as new members, as Beijing tries to bolster its economic influence in Asia and beyond.

 

With the approval, the AIIB expanded its membership to 86, but some major countries, such as the United States and Japan, have stayed away from the multilateral development bank amid skepticism over its governance and lending standards.

 

Beijing has sought to boost infrastructure networks in Asia, the Middle East, Europe and Africa to attain its goal of connecting nations along the ancient Silk Road more closely under its “One Belt, One Road” initiative.

 

Washington and Tokyo are the only Group of Seven industrial powers that have not joined the bank.

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