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China's IMF Challenger Bank Approves 7 New Founder Members, Now Totals 57

© Flickr / Trey RatcliffDowntown Beijing After Rain
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China's Ministry of Finance has announced seven new founding-member nations to its Asian Infrastructure Investment Bank (AIIB), bringing the total to 57; Norway is also on the list, despite the deep freeze in relations over the Nobel peace prize row

The China-led AIIB has approved seven new nations as prospective founding members, bringing the total to 57.

The new nations to sign in are Sweden, Israel, South Africa, Azerbaijan, Iceland, Portugal and Poland.

China's President Xi Jinping (4th R) meets with the guests at the Asian Infrastructure Investment Bank (AIIB) launch ceremony at the Great Hall of the People in Beijing in this October 24, 2014 - Sputnik International
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Founding members of the AIIB have the right to help define the bank's rules, while countries that applied to join after March 31 will be considered ordinary members with voting rights only but less say in the rule-making process.

Norway is also on the list despite the complete freeze in relations and cutting all high-level ties between the two countries.

The conflict goes back to 2010 when the Nobel Peace Prize went to jailed Chinese dissident Liu Xiaobo.

The Norwegian government had insisted that the Nobel Committee is independent and makes its own choices

The United States and Japan are the two major nations to have abstained from joining the AIIB.

On Tuesday, a senior Canadian finance official said that Ottawa was actively considering joining the institution, despite US and Japanese reservations, according to Reuters.

Chinese President Xi Jinping (C) takes photos with guests of the Asian Infrastructure Investment Bank at the Great Hall of the People in Beijing on October 24, 2014. - Sputnik International
Asia
China Blocks Taiwan's Bid to Join AIIB as Founding Member
So far, Taiwan is the only territory to have been rejected its application.

China said it would welcome the island to join in the future "under an appropriate name".

China sees Taiwan, the self-ruled island of 23 million people as a renegade province; it considers Taiwan part of its territory and has repeatedly pledged to take it back, with the use of force being mulled as an option.

"Chinese Taipei" is the name Taiwan wants to use when joining the AIIB

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