AIIB adds 3 new members, bringing total to 109

The 8th annual meeting of the AIIB is the first to be held in Africa. (Source: Xinhua)

The AIIB approved the applications of the three economies during its 8th annual meeting held in the Egyptian resort of Sharm El-Sheikh, a statement said.

“The AIIB has a track record of successful cooperation with our members,” said AIIB President Jin Liqun, and the addition of the three economies “will strengthen the AIIB community and support our shared mission of financing infrastructure for the future.”

According to the statement, El Salvador, Solomon Islands and Tanzania will officially join the AIIB after completing domestic procedures and depositing the first capital into the bank.

AIIB members now account for a total of 81% of the world's population and 65% of global gross domestic product.

Established in 2016 in Beijing, China, the AIIB is a multilateral development bank with a mandate to finance infrastructure that prioritizes sustainability.

The projects that this bank invests in are mainly in more than 10 countries in Southeast Asia, East Asia, South Asia, Central Asia, West Asia, Africa, in the fields of transportation, energy, telecommunications and urban development. All 10 ASEAN countries are members of AIIB.

The two-day annual meeting of the AIIB opens on September 25 with the theme “Sustainable Growth in a Challenging World.”

This is the first in-person meeting of the bank's members since 2019 and the first annual meeting to be held on the African continent.