Argentina, Madagascar and Tonga accepted as new members of AIIB

The Asian Infrastructure Investment Bank (AIIB) on Friday approved Argentina, the Republic of Madagascar, and the Kingdom of Tonga as its new members.

The decision was made during AIIB's second annual meeting of the board of governors, which was held from Friday to Sunday in Jeju, South Korea.

The China-initiated infrastructure investment bank is a multilateral financial institution to address the infrastructure needs across Asia.

The bank offers financing for projects in sectors including energy and power, transportation, agriculture, environmental protection and urban development.

(CGTN)