AIIB reaches 100-member milestone


14th July, 2019 12:06:06 printer

AIIB reaches 100-member milestone

The Asian Infrastructure Investment Bank (AIIB) has now 100 members as its Board of Governors on Saturday approved the applications of three African countries.

The milestone was achieved with the addition of Benin, Djibouti and Rwanda during the bank's annual meeting in Luxembourg, said amedia statement.

"AIIB members collectively account for 78 percent of the world's population and 63 percent of global GDP. With the backing of all of our members, we're building a lean, clean, and green institution that can help to support their sustainable development," said AIIB President Jin Liqun.

New estimates by the African Development Bank suggest that Africa's infrastructure needs amount to USD130-170 billion a year, with a financing gap in the range USD68-108 billion. AIIB and the African Development Bank signed a Memorandum of Understanding in April 2018 to enhance collaboration in developing programmes, co-financing, and other forms of financial assistance, knowledge and staff exchanges.

The three prospective non-regional members will officially join AIIB once they complete the required domestic processes and deposit the first capital installment with the Bank.

"AIIB was created by 57 founding members as a multilateral institution focused on supporting sustainable development through infrastructure. That another 43 members have joined in the last three years is recognition that AIIB has established itself as part of the rules-based international system, with strong governance and high international standards," said AIIB Vice President and Corporate Secretary Sir Danny Alexander.

AIIB's inaugural projects ranged from a slum upgrading project in Indonesia to a new pipeline linking gas fields in Azerbaijan to markets in southern Europe via Turkey.

To date, 46 projects in 18 member countries totaling USD8.5 billion have been approved.

The AIIB is a multilateral development bank with a mission to improve social and economic outcomes in Asia. Headquartered in Beijing, it began operations in January 2016 and has now grown to 100 approved members worldwide.