Beijing, China, July 28, 2020
AIIB’s Membership in Africa Grows as Liberia Joins the Bank
The Asian Infrastructure Investment Bank (AIIB) now has 10 members and nine prospective members from Africa after its Board of Governors approved the application of Liberia to join the Bank. AIIB now has 103 approved members from around the world.
AIIB’s approved African members are responsible for over 60 percent of Africa’s Gross Domestic Product (GDP) and represent over 46 percent of Africa’s population.
|African Members||African Prospective Members|
According to the African Development Bank, Africa’s infrastructure financing gap, pre-COVID-19, was set between USD67.6–107.5 billion. As a multilateral development bank committed to financially sustainable lending practices, AIIB offers African members access to affordable capital and infrastructure expertise to help address this gap.
“The growth of our membership from Africa demonstrates the understanding that multilateralism has the potential to address extraordinary challenges and that through cooperation and partnership, we can create a more sustainable future,” said AIIB President Jin Liqun.
Prospective members, including Liberia, will officially join AIIB once they complete the required membership procedures and deposit the first capital installment with the Bank.
The Bank has begun to finance projects on the African continent, with AIIB’s President and Board of Directors having approved up to USD600 million in financing for three projects in Egypt. The Bank has a strategy which guides investment in non-regional members.
“Increasingly, AIIB has become a Bank that connects Asia to the world,” said AIIB Vice President and Corporate Secretary Sir Danny Alexander. “We look forward to forging stronger bonds with our new members in Africa to work together to achieve long-term sustainable development.”
AIIB’s Board of Governors approved the resolution on Liberia’s admission during the Bank’s fifth Annual Meeting in Beijing, China.
Visit aiib.org/annualmeeting to view the Annual Meeting program and register for webinars.
The Asian Infrastructure Investment Bank (AIIB) is a multilateral development bank with a mission to improve social and economic outcomes in Asia. Headquartered in Beijing, we began operations in January 2016 and have now grown to 103 approved members worldwide. By investing in sustainable infrastructure and other productive sectors in Asia and beyond, we will better connect people, services and markets that over time will impact the lives of billions and build a better future.
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