March 31, 2017
By: Ankit Panda
Earlier this month, the China-led Asian Infrastructure Investment Bank saw its first expansion since the Bank's launch early last year. The AIIB added 13 new members, bringing its total membership up to 70. Afghanistan, Belgium, Ireland, Peru, Fuji, Hungary, Armenia, Ethiopia, the Republic of Sudan, and Venezuela are included among the 13 applicants to the bank who received approval. Brazil and South Africa — two of the bank's largest members who received approval to join, but missed a deadline to complete the formal process for membership — received an extension of 12 months to join the development bank.
As the AIIB enters its second calendar year of operation, it's clear that the bank's trajectory continues upward. Though China founded the bank and exercises a de facto veto over funding decisions given its existing vote share, an expanding membership will likely require Beijing to shed some its existing shares. China holds 26 percent of voting shares in the institution, with a three-quarters majority vote required for certain decisions, including on changing the bank's governing rules and approving major funding projects...
Read More At The Diplomat: http://thediplomat.com/2017/03/china-led-aiib-sees-membership-expansion-whats-next/