The China-initiated Asian Infrastructure Investment Bank (AIIB) has approved the membership of Benin, Djibouti and Rwanda, bringing AIIB’s total approved membership to 100.
The decision was made unanimously by AIIB’s Board of Governors at its fourth annual meeting held in Luxembourg.
The three prospective non-regional members will officially join AIIB once they complete the required domestic processes and deposit the first capital installment with the Bank.
In the meantime, AIIB’s Board of Governors elected Chinese Finance Minister Liu Kun chairman of the board. With the amount of approved members expanding to 100, the volume of approved financing increasing to 8.5 billion U.S. dollars, AIIB has become an important member of multilateral development system, said Liu at the bank’s annual meeting. Liu appreciated the progress AIIB has achieved during the last three years, underlying that AIIB has been granted permanent observer status by the United Nations General Assembly, issued its first U.S.-dollar-denominated global bond, as well as developed a series of important strategies and policies.
“AIIB members collectively account for 78 percent of the world’s population and 63 percent of global GDP. With the backing of all of our members, we are building a lean, clean, and green institution that can help to support their sustainable development,”said AIIB President Jin Liqun. “AIIB was created by 57 founding members as a multilateral institution focused on supporting sustainable development through infrastructure.