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Argentina could join China-based development bank AIIB in 2018


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Argentina could join China-based development bank AIIB in 2018

Argentina could join China-based development bank Asian Infrastructure Investment Bank before the end of the year to join the multilateral institutions in the financing of energy projects, transportation and new cities, El Cronista reported.

The Latin American country's entry was approved last year but reportedly must now pass a law to contribute capital before becoming a full member eligible for financing, according to the publication. The country can subscribe to up to 50 shares for about $5.0 million.

AIIB's spokesperson reportedly said it expects Argentina to join in 2018 after the bank's president met with Argentine Finance Minister Luis Caputo during the annual meeting of the Inter-American Development Bank.

Earlier in March, Chile's government also said it could join AIIB, and expected to sign up for membership before the year ends. According to El Cronista, the Chinese bank is interested in financing proposed tunnels between Chile and Argentina in the Andes.

China officially established the development bank in 2015 after 17 member-countries ratified the bank's articles of agreement. It now has 84 member-countries, according to its website.