Spain, South Korea, Austria join AIIB as founding members

Spain, the Republic of Korea and Austria have been approved as prospective founding members of the Asian Infrastructure Investment Bank (AIIB), the Ministry of Finance said on Saturday.

This brings the number of prospective founders to 41, the ministry said.

Founding members have the right to make rules for the bank. Countries that applied to join after March 31 will be ordinary members with voting rights only, and less say in the rule-making process. The founder membership will be finalized on April 15.

The AIIB will provide financing for roads, railways, airports and other infrastructure projects in Asia. It is expected to be established by the end of this year.