Iran becomes member of China-led bank

Published April 8, 2015
Tehran’s application was backed by other founding members on Friday, China’s Ministry of Finance said in a statement on its website. -AP/File
Tehran’s application was backed by other founding members on Friday, China’s Ministry of Finance said in a statement on its website. -AP/File

SHANGHAI: Iran has been approved as a founding member of the Beijing-backed Asian Infrastructure Bank (AIIB), China’s finance ministry said on Tuesday, just days after Tehran sealed a historic framework agreement on its nuclear programme.

Tehran’s application was backed by other founding members on Friday, China’s Ministry of Finance said in a statement on its website. The United Arab Emirates’ bid was also approved.

More than 50 countries, plus Taiwan, have now applied to join the bank in a diplomatic coup for Beijing after Washington initially opposed its allies becoming members.

The United States and its Asian ally Japan have not sought to join.

But US Treasury Secretary Jacob Lew said last week that Washington was “ready to welcome” the bank, though he added it should complement existing multilateral institutions such as the World Bank and International Monetary Fund (IMF).

Iran’s approval — its application had not been previously announced — comes immediately after the nuclear deal that China helped to broker.

Under the outline nuclear deal, the United States and the European Union are to lift all nuclear-related sanctions on Iran once the UN atomic agency has verified that Tehran has stuck to its terms.

The proposed limits will see Iran’s stocks of highly enriched uranium cut by 98 per cent for 15 years, while its unfinished Arak reactor will not produce weapons-grade plutonium.

Published in Dawn, April 8th, 2015

On a mobile phone? Get the Dawn Mobile App: Apple Store | Google Play

Follow Dawn Business on Twitter, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.

Opinion

Editorial

Kurram atrocity
Updated 22 Nov, 2024

Kurram atrocity

It would be a monumental mistake for the state to continue ignoring the violence in Kurram.
Persistent grip
22 Nov, 2024

Persistent grip

An audit of polio funds at federal and provincial levels is sorely needed, with obstacles hindering eradication efforts targeted.
Green transport
22 Nov, 2024

Green transport

THE government has taken a commendable step by announcing a New Energy Vehicle policy aiming to ensure that by 2030,...
Military option
Updated 21 Nov, 2024

Military option

While restoring peace is essential, addressing Balochistan’s socioeconomic deprivation is equally important.
HIV/AIDS disaster
21 Nov, 2024

HIV/AIDS disaster

A TORTUROUS sense of déjà vu is attached to the latest health fiasco at Multan’s Nishtar Hospital. The largest...
Dubious pardon
21 Nov, 2024

Dubious pardon

IT is disturbing how a crime as grave as custodial death has culminated in an out-of-court ‘settlement’. The...