Iran has been approved as a founding member of the Beijing-led Asian Infrastructure
Investment Bank (AIIB). The decision was made by existing members, including China, Britain, France, India and Italy, Reuters says.
China and Iran have close diplomatic, economic, trade and energy ties. The United Arab Emirates has been accepted along with Iran.
The
AIIB is seen as a potential rival to established lenders the World Bank
and Asian Investment Bank, which are dominated by the United States and
Japan. Japan is still hesitating about joining the China-led bank although indicating it is interested in becoming a member.
According to Xinhua news agency, Japan's government had earmarked 1.5 billion U.S. dollars as its contribution.
The government here has prepared a draft document on the possibility of its joining the AIIB, which is scheduled to be launched by the end of 2015, with the document suggesting that Japan still has some issues pertaining to the bank's governance.
