Benin, Rwanda and Djibouti to join Asian Infrastructure Investment Bank

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The Asian Infrastructure Investment Bank(AIIB) membership has now touched 100 with three African countries Benin, Rwandaand Djibouti joining the three and half year old multilateral bank.

AIIB’s Board of Governors approved the resolution welcoming the three prospective African members during the Bank’s fourth annual meeting here in Luxembourg.

They will officially join AIIB once they complete the required domestic processes and deposit the first capital installment with the Bank, an AIIB statement said on Saturday.

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

The AIIB and the African Development Bank signed a Memorandum of Understanding in April 2018 to enhance collaboration in developing programs, co-financing, and other forms of financial assistance, knowledge and staff exchanges.

Estimates by the African Development Bank suggest that Africa’s infrastructure needs amount to $130–170 billion a year, with a financing gap in the range $68–108 billion.

“AIIB was created by 57 founding members as a multilateral institution focused on supporting sustainable development through infrastructure,”said AIIB Vice President and Corporate Secretary Sir Danny Alexander.

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, he said.

To date, 46 projects in 18 member countries totaling $8.5 billion have been approved.

[“source=economictimes.indiatimes”]