15 August 2020 06:53 PM

China welcomes Egypt’s bid to join AIIB

Tuesday، 31 March 2015 - 12:00 AM

China welcomed on Monday 30/3/2015 Egypt's bid to join the Asian Infrastructure Investment Bank (AIIB) one day before a deadline to join the bank as a founding member.

Egypt will become a founding member on April 14, should all existing members approve, according to a statement on the Finance Ministry's website.

The total number of applicants awaiting approval is now 13.

Founders have the right to make the bank's governance and operation rules. Countries joining after the deadline will simply have voting right, and less say in the rule-making process.

The AIIB originally had 21 founders, including China, India and Singapore, which signed a Memorandum of Understanding (MoU) last October in Beijing.

The bank is expected to be established by the end of this year.

MENA

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