OSLO: Russia, Norway and Egypt have been admitted as founder members to the Chinese-initiated Asian Infrastructure and Investment Bank, the Finance Ministry of China has announced.
Russia announced March 30 that it had applied for the membership of the bank, which is expected to start operations at the end of 2015.
China’s Finance Ministry said in a statement on its website Tuesday: “With the consent of the existing founding members, Egypt, Norway, Russia officially became founding countries of the Asia Infrastructure Investment Bank … on April 14.”
It said the number of founding members, who can set the rules for the bank’s activities, had reached 50.
China had previously announced that final list of the bank’s founding members would be determined by April 15.
More than 55 countries have applied for membership of the bank to date and 50 have been approved as founding members.
