(MENAFN- Kuwait News Agency (KUNA)) China said it welcomes the application of Egypt to join the China-led Asian Infrastructure Investment Bank (AIIB) on Monday, state-run Xinhua News Agency reported, one day before the deadline to join the bank as a founding member.
Egypt will become a founding member on April 14, should all existing members approve, the Finance Ministry said in a statement. So far, more than 40 countries have applied to be founding members ahead of the March 31 deadline, including Britain, France, Germany, Italy, Luxembourg and Switzerland, according to the report. The final number will be confirmed on April 15.
Founding members have the right to make the bank's governance and operation rules. Countries who join after the deadline will simply have voting rights, and less say in the rule-making process.
The AIIB originally had 21 founders including China, Kuwait, Oman, Qatar, India and Singapore, which signed a Memorandum of Understanding (MoU) last October in Beijing.
The bank, an international financial institution that will provide support to infrastructure projects in Asia, is expected to be formally established by the end of this year. Japan and the US have said they remain undecided to join the bank.
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