Egypt: 3 New Members Approved at Annual Meeting, AIIB

On Tuesday, the Asian Infrastructure Investment Bank (AIIB) increased their number of participants to 109 members after its Board of Governors approved the applications of El Salvador, Solomon Islands and Tanzania.

Related:

Egypt to Boost Women’s Political Participation, Arab World

According to an official AIIB statement, the bank approved the applications of the three economies during its eighth annual meeting held in the Egyptian resort of Sharm El-Sheikh.

"AIIB has a track record of successful collaborations with our members," AIIB President and Chair of the Board of Directors Jin Liqun, said adding that the addition of the three economies "will strengthen the AIIB community and support our collective mission to finance infrastructure for tomorrow."

Furthermore, the statement also said that the three countries will officially join the AIIB once they complete the required domestic processes and deposit the first capital installment with the bank.

Official data shows that AIIB members now collectively account for 81 percent of the world's population and 65 percent of global gross domestic product.

The AIIB is a multilateral development bank whose mission is to finance the infrastructure that prioritizes sustainability. It began its operations in Beijing in January 2016.

The two-day annual meeting of the AIIB kicked off on Monday under the theme "Sustainable Growth in a Challenging World."