News

China-led AIIB approves four memberships

The Asian Infrastructure Investment Bank (AIIB) has approved membership applications for Côte d’Ivoire, Guinea, Tunisia and Uruguay, bringing the total membership to 97. “The growth in membership from Africa and Latin America demonstrates the importance that these countries attach to improving infrastructure and connectivity with Asia,” said Danny Alexander, AIIB’s vice president. “It also reflects the commitment of our members to multilateral co-operation and high standards of governance. We look forward to the contribution that these four countries will make to the development of AIIB,” he added. The four countries will join the multilateral development bank upon completion of the domestic processes and deposit of the first capital instalment. Last month AIIB gave the green light for loans in Sri Lanka, totalling $280 million, and Laos, which will receive $40 million. ©2019 funds global asia

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