Almost 50 countries are poised to join China’s Asian Infrastructure Investment Bank as founding members, after the deadline for submitting applications passed on Wednesday.
According to the Chinese foreign ministry, 47 applications have been received to join Beijing’s rival to the Asian Development Bank and other US-led financial institutions. Some 30 applications have already been approved.
The rush to the AIIB has embarrassed Washington, which initially tried to dissuade applicants, citing potential governance issues at the proposed bank. However, those seeking founding-member status include traditional US allies the UK, Australia, South Korea, Taiwan, France and Germany.
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