The US$100bn Asian Infrastructure Investment Bank (AIIB) has announced its 57 founding member nations, with some of the US’ closest allies being approved for membership.

The official announcement, made on April 15, also made it clear that despite applying for membership, Taiwan was rejected. Analysts say that China only opened membership to sovereign states, while it recognises Taiwan as part of its own territory.

Taipei has said it will pursue inclusion as an “ordinary member”, rather than a founding member, with speculation mounting that it may have to do so under a different guise. Rumours that North Korea had an application rejected have been unconfirmed.

The roster presents a real cross-section of the international community, with Israel sandwiched between Iran and Jordan, and four of the G7 – France, Germany, Italy and the UK – signing up alongside Russia despite the reservations of the US.

The most notable absentees are the US and Japan, however the presence of some of their closest allies suggest that the opportunity to collaborate on the newest player on the multilateral financing scene exceeded the pressures exerted from the US Treasury Office to remain outside.

The bank is viewed by many as a rival to the World Bank, the US-dominated institution which, with its peers at the IFC and IMF, has long since dictated the international trade and economic agenda.

The bank will be headquartered in Beijing, and formal announcements about staff and leadership are expected over the coming months.

China is set to contribute 50% of the US$100bn kitty, which will be used to finance infrastructure projects in the region. The bank will be headquartered in Beijing, and formal announcements about staff and leadership are expected over the coming months.

GTR understands that the recruitment process is underway and that a high number of former World Bank staffers are being considered for senior roles within the AIIB.

The full roster is:

Australia, Austria, Azerbaijan, Bangladesh, Brazil, Brunei, Cambodia, China, Denmark, Egypt, Finland, France, Georgia, Germany, Iceland, India, Indonesia, Iran, Israel, Italy, Jordan, Kazakhstan, Kuwait, Kyrgyzstan, Laos, Luxembourg, Malaysia, Maldives, Malta, Mongolia, Myanmar, Nepal, Netherlands, New Zealand, Norway, Oman, Pakistan, Philippines, Poland, Portugal, Qatar, Republic of Korea, Russia, Saudi Arabia, Singapore, South Africa, Spain, Sri Lanka, Sweden, Switzerland, Tajikistan, Thailand, Turkey, UAE, United Kingdom, Uzbekistan, Vietnam.