AIIB Welcomes New Member, Expands Global Mission
Editorial StaffThe Facts -
- AIIB welcomed its 110th member, aiding poor countries in financing innovation.
- Launched in 2016, AIIB has opened to the private sector and Global South nations.
- Nauru was confirmed as the newest member at AIIB's ninth annual conference.
AIIB Welcomes 110th Member, Expands Role in Global Development
The Beijing-headquartered Asian Infrastructure Investment Bank (AIIB) on Thursday welcomed its 110th member, reinforcing its mission to aid the world's poorest countries in discovering innovative financing methods.
Launched in January 2016, the AIIB has increasingly opened its doors to the private sector and nations from the Global South, a collective term for developing countries.
Nauru, a Micronesian island with around 12,000 people in the southwestern Pacific Ocean, was confirmed as the latest member during AIIB's ninth annual conference in Samarkand, Uzbekistan.
The AIIB is the second-largest multilateral development bank globally by membership, following the Washington-headquartered World Bank. It represents 81% of the world’s population and 65% of global GDP.
“The AIIB has become an integral part of the global financial landscape, actively contributing as a valued member of the multilateral community,” said AIIB president Jin Liqun on Wednesday.
For more details on AIIB's expansion and member countries, visit the official AIIB website.
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