Kenya becomes latest member of Asian Infrastructure Investment Bank
04-05-2018 13:05:00 | by: Bob Koigi | hits: 2943 | Tags:

The Asian Infrastructure Investment Bank’s Board of Governors has approved Kenya to join the bank as a non regional prospective member bringing the China- led infrastructure bank’s membership to 86.

Papua Guinea has also joined as a regional prospective member.

"We’re very happy to welcome Kenya and Papua New Guinea as prospective members of AIIB," said AIIB Vice President and Corporate Secretary Sir Danny Alexander. "AIIB now has 86 approved members from six continents. This shows a strong commitment to promoting infrastructure development through rules-based multilateral cooperation with high standards of governance."

The two 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.

At its launch in January 2016, there were 57 signatories to AIIB’s Articles of Agreement. In March, May, June and December 2017, the Bank announced the approval of another 27 prospective members. AIIB expects to continue welcoming new members in the future.