Austria, Spain and South Korea have been approved as founding members of the Asia Infrastructure and Investment Bank (AIIB), the Chinese Finance Ministry announced Saturday.
A founding member of the bank has the right to help write its rules and Saturday’s additions bring the number of prospective founders to 41. The exact number of founding members will be finalized on April 15.
Any country that joined the AIIB after March 31 will only be allowed to be an ordinary member, which means they have voting rights but less say in making the rules.
The AIIB was set up to provide finance for railways, roads, airports and other important infrastructure projects in Asia.