Over 40 nations queue up to join China's investment bank
The bank's governance and operational rules are yet to be created
The China-led Asian Infrastructure Investment Bank (AIIB) has received participatory signatures from over 40 countries, it was revealed on Wednesday.
Although the list of founding members will not be published until 15 April, it is already known that UK, Germany, France, Italy, Spain, Norway, Denmark, South Korea, Taiwan and Brazil have applied to join.
While their application is still pending approval, if confirmed, the said nations will have the right to create the bank's governance and operational framework.
China launched the AIIB in October 2014 to help finance infrastructure projects across Asia, including rail, roads and ports initiatives.
The bank will begin with an initial subscribed capital of at least $50bn (£33.7bn) and authorised capital of $100bn (£67.45). It is yet to be confirmed if China will have the right of veto.
The US has expressed opposition to the project citing concerns over governing standards and regulatory practices. Fears also persist about the AIIB undermining the leading role of other international financial institutions, such as the International Monetary Fund (IMF) or the World Bank.