Ireland has been formally approved as one of 13 new members to join the Asian Infrastructure Investment Bank (AIIB), an institution set up in January 2015 by China to assist development in the region.
AIIB is a multilateral financial institution founded to bring countries together to finance energy, transport and other infrastructure projects in Asia. The bank started operations with 57 member countries and $100 billion (€93 billion) in capital. Nowadays, the bank’s total approved membership has increased to 70.
