On July 28, 2020, the fifth annual meeting of the Asian Investment Bank was held in Beijing. At the meeting, the Board of Directors of the Asian Investment Bank approved the acceptance resolution of Liberia.

After its board of directors approved Liberia's application to join the bank, the Asian Infrastructure Investment Bank (AIIB) now has 10 members and 9 associate members from Africa. The AIIB now has 103 approved members from all over the world.

The approved African members of the AIIB account for more than 60% of Africa's gross domestic product (GDP) and more than 46% of the African population.

According to data from the African Development Bank, the infrastructure financing gap in Africa before the new crown virus was between 67.707 billion US dollars. As a multilateral development bank committed to financial sustainable lending practices, the Asian Investment Bank has provided African members with affordable capital and infrastructure expertise to help address this gap.

Jin Liqun, President of the AIIB, said: "The growth of our membership from Africa shows that multilateralism has the potential to meet extraordinary challenges, and through cooperation and partnership, we can create a more sustainable future."

Associate members, including Liberia, will formally join the AIIB after completing the required membership procedures and depositing the first capital in the bank.

The AIIB has begun to provide financing for projects on the African continent, and the president and board of directors of the AIIB have approved financing of up to US$600 million for three projects in Egypt.

Sir Danny Alexander, Vice President and Corporate Secretary of the AIIB, said: “The AIIB is increasingly becoming a bank connecting Asia and the world. We look forward to establishing stronger bonds with new members in Africa and working together to achieve long-term sustainable development.”

In addition, the meeting also announced that Jin Liqun has been re-elected as President of the Asian Infrastructure Investment Bank by the Asian Infrastructure Investment Bank. The second five-year term will begin on January 16, 2021.Editor/Huang Lijun