AIIB approves membership of Benin, Djibouti and Rwanda

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.

Jin Liqun (C), president of AIIB, Romuald Wadagni (2nd L), Benin’s economy and finance minister, Ilyas Moussa Dawaleh (2nd R), Minister of Economy and Finance, in charge of Industry of Djibouti, and Uzziel Ndagijimana (1st R), Rwandan Minister of Finance and Economic Planning, pose for a group photo, July 13, 2019. /Xinhua Photo

“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.

“We now have members on every continent, and we welcome the growing interest of African countries in AIIB. We look forward to working with Benin, Djibouti and Rwanda to support their development in the years to come.” he added.

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.

According to the decision of Board of Governors, its fifth annual meeting is scheduled to be held from July 2 to July 3, 2020 in Beijing.

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

The bank has approved 46 projects in 18 members totaling 8.5 billion U.S. dollars.

(With input from Xinhua)

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