Skip to main content

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

About Xinhua Silk Road

Xinhua Silk Road (en.imsilkroad.com) is the Belt and Road Initiative (BRI) portal.China’s silk road economic belt and the 21st century maritime silk road website,includes BRI Policy, BRI Trade, BRI Investment, Belt and Road weekly, Know Belt and Road, and the integrated information services for the Belt and Road Initiative (BRI).

Source: AIIB’s membership in Africa grows

Labels:

Comments

Post a Comment

Popular posts from this blog

Singapore’s manufacturing output declines 0.9 pct on year in October

Abstract : Singapore Economic Development Board announced on Thursday that the country's manufacturing output decreased 0.9 percent year on year in October, compared to a revised 25.6 percent rise in September. SINGAPORE, Nov. 26 (Xinhua) — Singapore Economic Development Board announced on Thursday that the country’s manufacturing output decreased 0.9 percent year on year in October, compared to a revised 25.6 percent rise in September. Excluding biomedical manufacturing, the output fell 2.7 percent in October from a year ago. On a seasonally adjusted month-on-month basis, Singapore’s manufacturing output decreased 19 percent in October. Excluding biomedical manufacturing, the output fell 2.9 percent. As for the performance of different clusters, the electronics cluster’s output fell 0.6 percent year on year in October, compared to a revised 33.1 percent increase in September. The biomedical manufacturing cluster saw its output grow 10.2 percent in October, compared to a revi...
Post a Comment
Read more

China’s Greater Bay Area to take lead in traditional medicines

Abstract : Guangdong, Hong Kong and Macao will strengthen cooperation in building a "highland" for the traditional Chinese medicine (TCM) sector, according to an official plan unveiled on Thursday. GUANGZHOU, Oct. 23 (Xinhua) — Guangdong, Hong Kong and Macao will strengthen cooperation in building a “highland” for the traditional Chinese medicine (TCM) sector, according to an official plan unveiled on Thursday. The plan was jointly released by the National Administration of Traditional Chinese Medicine, the office of the leading group for the development of the Guangdong-Hong Kong-Macao Greater Bay Area and the provincial government of Guangdong. According to the plan, the bay area aims to take the lead in innovation, industry development and personnel training of TCM, as well as promoting its internationalization. The region plans to build a group of high-level TCM hospitals by 2022 and help several well-known local TCM brands enter the global market. By 2025, the inter...
Post a Comment
Read more

Economic Watch: China’s industrial profits rebound, pressure persists

Abstract : Profits of China's major industrial firms rebounded in the second quarter (Q2) as business activities continued to pick up, but the recovery still faces uncertainties due to the global spread of COVID-19. BEIJING, July 27 (Xinhua) — Profits of China’s major industrial firms rebounded in the second quarter (Q2) as business activities continued to pick up, but the recovery still faces uncertainties due to the global spread of COVID-19 . In Q2, profits of industrial companies with annual revenue of more than 20 million yuan (about 2.86 million U.S. dollars) rose by 4.8 percent year on year, reversing the 36.7-percent decline in Q1, the National Bureau of Statistics (NBS) said on Monday. In June alone, major industrial firms saw their profits rise by 11.5 percent to 666.55 billion yuan, widening by 5.5 percentage points from that in May, said NBS senior statistician Zhu Hong. The quickened growth in industrial production and sales, as well as the moderate drop in the fa...
Post a Comment
Read more