By Adedapo Adesanya
The Asian Infrastructure Investment Bank (AIIB) Board of Governors has approved the application of Liberia to join the bank.
This takes the number of the institution’s African members to 10, with an additional 9 prospective members.
Liberia upon completion of some requirements will join Benin, Côte d’Ivoire, Egypt , Ethiopia, Ghana, Guinea, Madagascar, Rwanda, and Sudan as full-fledged African members of the 103-member bank.
“The growth of our membership from Africa demonstrates the understanding that multilateralism has the potential to address extraordinary challenges and that through cooperation and partnership, we can create a more sustainable future,” AIIB President, Mr Jin Liqun ,said.
Prospective members, of which Liberia still belongs, will officially join AIIB once they complete the required membership procedures and deposit their first capital instalment with the bank.
Other prospective African countries include: Djibouti, Kenya, Libya, Morocco, Senegal, South Africa, Togo, and Tunisia
The bank’s approved African members are responsible for over 60 per cent of the continent’s gross domestic product (GDP) and represent over 46 per cent of Africa’s population, AIIB said in a statement on its website.
The bank has begun to finance projects on the African continent, with AIIB’s President and Board of Directors approving up to $600 million in financing for three projects in Egypt. The Bank has a strategy which guides investment in non-regional members.
“Increasingly, AIIB has become a Bank that connects Asia to the world,” said AIIB Vice President and Corporate Secretary, Mr Danny Alexander. “We look forward to forging stronger bonds with our new members in Africa to work together to achieve long-term sustainable development,” he added.
AIIB’s Board of Governors approved the resolution on Liberia’s admission during the Bank’s fifth Annual Meeting in Beijing, China.
The Asian Infrastructure Investment Bank (AIIB) is a multilateral development bank with a mission to improve social and economic outcomes in Asia and beyond. Headquartered in Beijing, it began operations in January 2016 and have now grown to 103 approved members worldwide.
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