AIIB adds Papua New Guinea, Kenya to its World Roster
The Asian Infrastructure Investment Bank’s (AIIB) board of governors moved in early May to approve applications from Papua New Guinea and Kenya to join as regional and non-regional members, raising the Beijing-based financial institution’s total approved roster of countries to 86. The two prospective members will be recognized in full and granted a portion from AIIB’s existing pool of unallocated shares once they have fulfilled the requisite domestic processes and made their first deposit of capital. In May, the AIIB inked a Memorandum of Understanding (MoU) with the African Development Bank (ADB).
Launched in January 2016 with US$ 100 billion in capital and the support of a number of America’s closest allies in Asia and Europe as founding members – including Australia, South Korea, France, Germany, and the United Kingdom – the AIIB stands as an alternative to the World Bank and more regionally-focused Asian Development Bank (ADB), albeit one that is more attuned to China’s interest. With 30% of voting shares, Beijing still exercises an effective veto over the AIIB’s funding decisions.
Under the AIIB’s Articles of Agreement, shares are allocated based on the size of a prospective country’s gross domestic product (GDP) – regardless of their status as either an Asian or non-Asian member – with the number of shares determining a given member’s allotment of authorized capital. Including Papua New Guinea and Kenya, the bank has made 29 additions to its initial membership of 57 signatories, and expects to continue to welcome new members in the future, according to a press release.

Blue Sky Alternative Investments Limited informed Canada’s Public Sector Pension Investment Board (PSP Investments) that it agreed to terminate its strategic agreement effective March 31, 2019. In December 2017, Blue Sky Alternative Investments forged an agreement with PSP Investments to assist in committing capital in a number of agricultural investments.
Mirae Asset Daewoo Co., Ltd., the Seoul-based investment banking firm, has provided a US$ 375 million loan for a redevelopment in New York’s Times Square. It joins L & L Holding Company, Maefield Development, and Fortress Investment Group who are bringing the development known as TSX Broadway to life. The building is at 1568 Broadway in Manhattan. TSX Broadway, a US$ 2.5 billion project when all equity financing is added in, will allow for renovations and expansion of the 46-storey building. An LED screen, which is not an uncommon sight in the Big Apple, will wrap around the corner of the tower. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]
The Saudi Arabian government dispelled rumors that Saudi Crown Prince Mohammed bin Salman will acquire football club Manchester United. However, Saudi Arabia’s Public Investment Fund (PIF) had talks regarding sponsorship with the football club. Manchester United signed a partnership deal with Saudi Arabia’s General Sports Authority in 2017.
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