AIIB approves membership of four countries

CNC
Added On April 24, 2019

The China-initiated Asian Infrastructure Investment Bank, or AIIB, has approved the membership of Cote d'Ivoire, Guinea, Tunisia and Uruguay, bringing AIIB's total approved membership to 97.

AIIB Vice President and Corporate Secretary Sir Danny Alexander said on Monday that the growth in membership from Africa and Latin America demonstrates the importance that these countries attach to improving infrastructure and connectivity with Asia.

The official added that it also reflects the commitment of AIIB members to multilateral co-operation and high standards of governance.

The four prospective members will officially join the AIIB once they complete the required domestic processes and deposit the first installment of capital with the bank.

As of the end of 2018, the membership of the AIIB had grown from the 57 founding members to 93, spread across five continents.