The Asian Infrastructure Investment Bank (AIIB) approved three African countries as its new members bringing its membership to 100, an official statement revealed in Kigali on Saturday, 13 July 2019.
Headquartered in Beijing, China, the AIIB is a multilateral development bank with a mission to improve social and economic outcomes in Asia and beyond.
It said that Rwanda was approved, along with Benin and Djibouti, as new members to the group which is already comprised of 97-member countries from across the world.
The three African countries were approved to join AIIB after they completed the required domestic processes and deposit the first capital instalment with the Bank, it said.
Commenting on the move, the bank’s Vice President and Corporate Secretary, Danny Alexander, welcomed the growing interest of African countries in the work of the AIIB and pledged support for new members.
“We look forward to working with Benin, Djibouti, and Rwanda to support their development in the years to come,” he said in an embargoed press release from the bank prior to the official approval of the three African countries,” he said.
Latest estimates by the African Development Bank show that Africa’s infrastructure needs amount to 130 to 170 billion dollars a year, with a financing gap in the range of 68 to 108 billion dollars.
Some 46 projects in 18-member countries totalling 8.5 billion dollars have also been approved by the bank.
The AIIB, a multilateral development bank investing in sustainable infrastructure and other productive sectors in Asia and beyond, began operations in January 2016.