China-led AIIB set to add 13 new members

Hong Kong

THE Asian Infrastructure Investment Bank (AIIB) on Thursday announced approval of 13 new prospective members, the first time the Beijing-led bank has welcomed additions since its 2015 inception and a signal that China is growing its role in international development.

The approved applicants are Afghanistan, Armenia, Fiji, Hong Kong, Timor Leste, Belgium, Canada, Ethiopia, Hungary, Ireland, Peru, Sudan and Venezuela.

These additions to the bank, which counts Singapore among its 57 founding members, would bring total membership to 70 and leave Japan an…