ARTA (Halbeeg News) – Djibouti has been approved to be a member of the China-initiated Asian Infrastructure Investment Bank (AIIB).
The approval of the tiny of Horn of Africa nation made on Saturday after the AIIB’s Board of Governors unanimously voted in favour of Djibouti’s application at its fourth annual meeting held in Luxembourg.
Benin and Rwanda were also allowed to be members of the bloc.
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.
With the number 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 a multilateral development system, said Liu at the bank’s annual meeting.
Under the theme “Cooperation and Connectivity,” the two-day annual meeting of AIIB kicked off in Luxembourg on Friday, for the first time outside Asia, drawing over 1,000 AIIB officials, representatives from members and partner institutions, business leaders and experts.
This year’s annual meeting highlighted stronger Asia-Europe cooperation and connectivity, digital connectivity, climate change, sustainable infrastructure and mobilizing finance for circular economy transitions.
According to the decision of the Board of Governors, its fifth annual meeting is scheduled to be held from July 2 to July 3, 2020, in Beijing.
The AIIB, a multilateral development bank investing in sustainable infrastructure and other productive sectors in Asia and beyond, began operations in January 2016.
The bank has approved 46 projects in 18 members totaling 8.5 billion U.S. dollars.
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