The Board of Governors of China's Asian Infrastructure Investment Bank (AIIB) has approved the application of Iraq to join the Bank.
Iraq becomes AIIB's 51st regional member, bringing the Bank's approved membership to 105 in total.
As a multilateral development bank with the mission of financing infrastructure for tomorrow, AIIB aims to support its members achieve their development goals and is committed to working together with them to support their transition to a more resilient and inclusive economy and help them achieve long-term green sustainable development through innovative financing tools and public-private partnerships.
Prospective members, including Iraq, will officially join AIIB once they complete the required membership procedures and deposit the first capital installment with the Bank. The shares allocated to the new prospective members come from the Bank's existing pool of unallocated shares.