The Board of Governors of the Asian Infrastructure Investment Bank (AIIB) has adopted resolutions that approve the membership of Ethiopia and other 12 applicants to join the Bank.

The announcement would bring the total membership of the bank to 70, the website of AIIB indicated.

“The interest in joining AIIB from around the world affirms the rapid progress we have made to establish the bank as an international institution," the website quoted  Jin Liqun, President of AIIB as saying.

“I am very proud that AIIB now has members from almost every continent and we anticipate further applications being considered by our Board of Governors later this year,” he added.

The 13 prospective members will officially join AIIB once they complete the required domestic processes and deposit the first installment of capital with the bank, it was learned.

The shares allocated to the new prospective members come from the bank’s existing pool of unallocated shares.

At its launch in January 2015, the Asian Infrastructure Investment Bank had 57 signatories to AIIB’s Articles of Agreement.

The Bank’s total approved membership has now reached 70.

AIIB is a multilateral financial institution founded to bring countries together to address the daunting infrastructure needs.

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