Two days before launching the Asia Infrastructure Investment Bank (AIIB), China became an official member of the European Bank for Reconstruction and Development (EBRD), one of the world's most important global financial institutions for development.

According to the official Xinhua news agency, existing shareholders of the EBRD has agreed in December to accept China as the bank's 67th member.

Like Us on Facebook

The approval came after China managed to complete all the formalities on January 15, joining a list of member countries in the institution that invests and operates in more than 30 nations.

The legal documents that made China's membership official were signed on Friday by China's Foreign Minister Wang Yi and central bank governor Zhou Xiaochuan during the visit of EBRD President Suma Chakrabarti in China.

In a statement, the EBRD said China's membership is significant to connecting the European Commission's Investment Plan and the Belt and Road Initiative of the Chinese government.

"China's EBRD membership is also conductive to partnerships between the public and private sectors," according to the statement published by Xinhua.

According to the People's Bank of China, membership to the EBRD provides the opportunities for both China and the EBRD to cooperate in technology, industry, and investment in countries where the EBRD has investments in.

Headquartered in London, the EBRD was established in 1991 with member countries from all five continents. The biggest shareholder of the EBRD is the United States. It is now owned by 65 countries and two European Union institutions, following China's official membership.

TagsChina Bank, EBRD, European Bank for Reconstruction and Development (EBRD)