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.