Kigali, Rwanda (Wikimedia Commons/Inisheer/CC BY-SA 3.0)

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Asian Infrastructure Investment Bank reaches 100 members

16 July 2019 | By GCR Staff | 1 Comment

The Asian Infrastructure Investment Bank (AIIB) now contains 100 members after he accession of three African nations – Benin, Djibouti and Rwanda – was approved at its annual meeting in Luxembourg.

Jin Liqun, the bank’s president, said: “AIIB members collectively account for 78% of the world’s population and 63% of global GDP.”

Sir Danny Alexander, the vice president, said: “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 past three years is recognition that AIIB has established itself as part of the rules-based international system, with strong governance and high international standards.”

The AIIB and the African Development Bank (ADB) signed a memorandum of understanding in 2018 to develop financial assistance for Africa. The ADB has calculated that the continent has an annual infrastructure retirement of $130–170bn and a financing gap of $68–108bn.

Earlier this year, the AIIB gave $320m in funding to projects in Sri Lanka and Laos, and accepted Côte d’Ivoire, Guinea, Tunisia and Uruguay as members.

Image: Kigali, Rwanda (Wikimedia Commons/Inisheer/CC BY-SA 3.0)