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Economy

AIIB to have '85 to 90 members' by year end

Development bank's Chinese president expects 15 new signatories

BOAO, China -- The Asian Infrastructure Investment Bank expects to add 15 more members this year, President Jin Liqun said on Saturday at the Boao Forum for Asia, in Boao, Hainan Province.

The China-led AIIB launched in January 2016 with 57 member countries, including China, the U.K., Germany and France. The bank on Thursday approved 13 new members, including Canada, Belgium and Hong Kong.

It expects to have 85 to 90 members by the end of the year.

Jin said the bank's job is not to simply spend money building railroads and power stations but to make the best use of infrastructure to the benefit of people.

Two years ago, Japanese discussed whether it should participate, said Takashi Shiraishi, president of the National Graduate Institute for Policy Studies in Tokyo, who also attended the forum. Maybe it is time to discuss the issue again, he added.

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