CAIRO: Egypt, Norway and Russia were officially approved by China’s Ministry of Finance Wednesday as members in the Asian Infrastructure Investment Bank (AIIB,) Youm7 reported.
A total of 47 states are members of the bank and Egypt is the first African state to join.
China’s Ministry of Finance also announced that the Bank’s founding contract is to be signed this year.
The Asian Infrastructure Investment Bank (AIIB) is an international financial institution, with a $100 billion capital, and is located in Beijing.
AIIB is seen by some as an alternative to the World Bank and the Asian Development Bank, and will focus on infrastructure projects in Asia and Pacific, as stated in Youm7.
Egypt’s requested membership with the AIIB, the capital of which is expected to double in a year, comes amid blooming economic relations with China, a strong investor in Egypt.
Founding members of the AIIB have the right to make the bank’s rules, while countries that applied to join after March 31 will be considered ordinary members with voting rights only, Xinhua reported.