Business

Asian multilateral bank membership hits 100

The Asian Infrastructure Investment Bank (AIIB) approved the membership of Benin, Djibouti and Rwanda at its fourth annual meeting in Luxembourg on Saturday, bringing the total to 100.

The decision was made unanimously by the board of governors at the bank’s first annual meeting outside of Asia.

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 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 are building a lean, clean and green institution that can help to support their sustainable development,” said AIIB President Jin Liqun.

Under the theme “Cooperation and Connectivity,” the annual meeting kicked off on Friday, drawing over 1,000 AIIB officials, representatives from members and partner institutions, business leaders and experts.

The AIIB, a multilateral development bank investing in sustainable infrastructure and other productive sectors in Asia and beyond, began operations in January 2016.

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