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Luxembourg becomes AIIB's prospective founding member

Xinhua, March 27, 2015 Adjust font size:

Luxembourg has been approved as one of the prospective founding members of the Asian Infrastructure Investment Bank (AIIB), China's Ministry of Finance announced on Friday.

The decision was made by all the existing members after discussion, which includes China, India, Malaysia, Singapore, Thailand and Kazakhstan. The total number of prospective founding members has increased to 28.

The Republic of Korea (ROK) announced its application to join the bank on Friday, making it the 37th nation to submit its candidacy. Britain, France, Germany, Italy and Switzerland have previously announced their applications.

The deadline of application to join the bank is March 31 and the final number of founding members will be confirmed on April 15, after the opinions of all the founding members were drawn and discussed.

The AIIB is expected to be established by the end of this year, with

a mission to support infrastructure projects in Asian counties.

The IMF, World Bank and other leading global lenders have all welcomed collaboration with the new bank to fill in Asia's infrastructure gap. Endi