Aiib Goes Global

The 57 members of the China-led Asian Infrastructure Investment Bank (AIIB), held its first meeting at the end of June.

One of the main topics for discussion was procedures for admitting new members with a strong focus on expanding into Africa and South America.24 countries from these regions are planning to apply before 30 September including Chile, Colombia and Venezuela in Latin America, and Algeria, Libya, Nigeria, Senegal and Sudan in Africa.

Trade between these regions and Asia-pacific has grown rapidly in the last decade.

The AIIB has already given four loans to Indonesia, Bangladesh, Pakistan and Tajikistan totalling around USD500 million respectively, with the ADB, World Bank and the European Bank for Reconstruction and Development.

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