Business / Economy

Turkey joins AIIB as founding member

(Xinhua) Updated: 2015-04-11 12:37

BEIJING - Turkey has been approved as a prospective founding member of the Asian Infrastructure Investment Bank (AIIB), the Ministry of Finance said on Friday.

This brings the number of prospective founders to 38, the ministry said.Membership will be finalized on April 15.

Founding members have the right to make rules for the bank. Countries that applied to join after March 31 will be ordinary members with voting rights only, and less say in the rule-making process.

The AIIB will provide financing for roads, railways, airports and other infrastructure projects in Asia. It is expected to be established by the end of this year.

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