(Yicai Global) June 27 -- The Middle Eastern country of Lebanon got the green light to join the member countries of the Asian Infrastructure Investment Bank.

AIIB has approved Lebanon's application, which would bring the total number of members up to 87, the Beijing-based bank said on its website yesterday. The Mediterranean country will still need to go through domestic legal procedures and make its first capital installment to the multilateral financial institution before becoming a full member.

"We're pleased to welcome Lebanon as a prospective member," said AIIB Vice President Danny Alexander. "It is an important and historic commercial hub in the Middle East and we look forward to Lebanon playing an active role within AIIB." 

The decision was made in the lender's annual meeting which was held in Mumbai, India, from June 25-26.

AIIB was initiated by China's President Xi Jinping and founded in 2016, with 57 member countries. The bank aims to advance the infrastructure and economic integration between the Asian countries and other regions.

Editor: Emmi Laine