Argentina becomes member of Asian bank focused on infra

Argentina has become the latest country to join the China-backed Asian Infrastructure Investment Bank (AIIB), said the country's finance ministry.

The South American nation's application was approved on June 16, when the AIIB's board of governors accepted applications from Argentina, Tonga and Madagascar, bringing the total member count to 80.

"Argentina and Madagascar are important economies in South America and Africa, respectively. I look forward to the role our new members will play once they fully join the bank", said AIIB president Jin Liqun.

Argentina's finance ministry said the AIIB membership will allow for the development of projects in areas such as transportation, telecommunications, energy, water and sanitation, urban development, agricultural development, environmental protections and logistics.

With US$100bn in capital, AIIB support can come in the form of financing, co-financing, or direct participation in the projects, the ministry said.

Since its launch in January 2016, the AIIB has announced the approval of another 20 prospective members, who are currently in the process of finalizing their membership. These include Bolivia, Brazil, Chile and Peru.