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AIIB’s membership in Africa grows

Abstract : The Asian Infrastructure Investment Bank (AIIB) now has 10 members and nine prospective members from Africa after its board of governors approved an application from Liberia to join the bank.

BEIJING, July 28 (Xinhua) — The Asian Infrastructure Investment Bank
(AIIB) now has 10 members and nine prospective members from Africa
after its board of governors approved an application from Liberia to
join the bank.

AIIB’s approved African members are responsible for over 60 percent
of Africa’s gross domestic product and represent over 46 percent of
Africa’s population, said the bank.

According to the African Development Bank, Africa’s infrastructure
financing gap pre-COVID-19 was estimated to be between 67.6 and 107.5
billion U.S. dollars. As a multilateral development bank, committed to
financially sustainable lending practices, the 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 partnerships
we can create a more sustainable future,” said AIIB President Jin Liqun.

Prospective members will officially join AIIB once they complete the
required membership procedures and deposit their 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 600
million U.S. dollars in financing for three projects in Egypt so far.

The AIIB is a multilateral development bank with a mission to improve
social and economic outcomes in Asia. Headquartered in Beijing, the
bank began operations in 2016 and has now grown to 103 approved members
worldwide. Enditem

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Source: AIIB’s membership in Africa grows

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