Iran 34th founding member of AIIB

The founding states of the new Asian Infrastructure Investment Bank (AIIB) have officially approved the application of Islamic Republic of Iran on April 12 as the 34th founding member of the bank.

So far, 57 countries have applied to become member of the international bank, however, only 35 countries have received membership status and the request of other applicants are under consideration.

The AIIB is the first Asian bank with new international banking system which is independent from dominance of founding member states of international banking system of Bretton Woods.

Countries which have been accepted as a member of the AIIB include China, India, Malaysia, Indonesia, Singapore, Thailand, Kazakhstan, Saudi Arabia, Kuwait, Oman, Qatar, Brunei Darussalam, Cambodia, Laos, Myanmar, Philippine, Vietnam, Mongolia, Uzbekistan, Nepal, Sri Lanka, Bangladesh, Pakistan, Maldives, New Zealand, Jordan, Tajikistan, Luxemburg, Switzerland, Britain, Australia, Austria, Brazil, Denmark, France, Germany, Italy, Netherlands, Spain, etc.

Iran's inclusion in the new development bank is a move towards the realization of its resistance economy and in line with effective and efficient use of economic capacities of international and regional organizations. The inclusion also indicates Iran’s ever-increasing attempt toward improving its international image in the world.

Initial capital of the bank was set to be 100 billion dollars, 75 percent of which will be provided by Asian countries and the rest would be prepared by the non-Asian countries. Share of the countries will be determined upon Gross Domestic Products (GDP).

The Asian Infrastructure Investment Bank (AIIB) is an international financial institution proposed by the government of China in 2013. The purpose of the multilateral development bank is to provide finance to infrastructure projects in the Asia region. AIIB is regarded by some as a rival for the IMF, the World Bank and the Asian Development Bank (ADB), which are regarded as being dominated by developed countries like the United States. The United Nations has addressed the launch of AIIB as 'scaling up financing for sustainable development' for the concern of Global Economic Governance.

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