Vila Times

Vanuatu becomes a member of Asian Infrastructure Investment Bank

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The Asian Infrastructure Investment Bank’s (AIIB) Board of Governors has adopted resolutions approving four applicants, including the application by Vanuatu, to join the Bank, bringing AIIB’s total approved membership to 84.

This round of approved applicants includes two regional and two nonregional prospective members.

Vanuatu and Cook Islands became Regional Prospective Members, while Belarus and Ecuador are non-Regional Prospective Members now.

“I wish to extend our warm welcome to Cook Islands, Vanuatu, Belarus and Ecuador,” said Jin Liqun, President, AIIB. “The steady expansion of our membership represents a vote of confidence in AIIB by the international community.”

The four prospective members will officially join AIIB once they complete the required domestic processes and deposit the first installment of capital with the Bank. The shares allocated to the new prospective members come from AIIB’s existing pool of unallocated shares.

“AIIB’s approved membership has risen from 57 to 84, expanding our reach within Asia and around the world.” said Sir Danny Alexander, VP and Corporate Secretary, AIIB. “As we start our third year of operations, we look forward to further expanding our membership and strengthening our role in the international financial community.”

At its launch in January 2016, there were 57 signatories to AIIB’s Articles of Agreement. In March, May and June 2017, the Bank announced the approval of another 23 prospective members, who are currently in the process of finalising their membership. AIIB expects to continue welcoming new members in the future.

AIIB is a new multilateral development bank founded to bring countries together to address the daunting infrastructure needs across Asia and beyond. Headquartered in Beijing, AIIB’s mission is to improve economic and social development in Asia by investing in high quality, financially viable and environmentally friendly infrastructure projects.