AIIB Approves 7 New Members

The China-backed Asian Infrastructure Investment Bank said on Saturday it had approved seven new members to join the bank, a day before China’s biggest diplomatic event of the year kicks off, Xinhua reported. Leaders from 29 countries will attend China’s new Silk Road forum in Beijing on Sunday and Monday, an event orchestrated to promote President Xi Jinping’s vision of expanding links between Asia, Africa and Europe underpinned by billions of dollars in infrastructure investment. The new members are Bahrain, Bolivia, Chile, Cyprus, Greece, Romania and Samoa, bringing the bank’s total membership to 77 countries.