The milestone of membership is the vote of confidence of the world towards AIIB

BEIJING, 16th of July
(Xinhua / GNA) – The Asian Infrastructure Investment Bank (AIIB) has expanded its
membership to 100 with the approval of African newcomers from Benin, Djibouti
and Rwanda at the fourth annual meeting of the bank's board of governors held
in Luxembourg on weekends.

The fact that the AIIB
almost doubled the number of its members in just three years is a vote of confidence
of the international community for the efforts of the multilateral financing body
stimulate sustainable development around the world.

Asia is now facing a
estimated at US $ 8 trillion. investment gap in dollars for infrastructure, according to
to the Asian Development Bank. AIIB is designed to help fill that huge
funding gap for developing countries around the world.

Since the beginning of his
the transaction in January 2016, the global lending organization initiated by China, with
focus on empowering the development of sustainable infrastructure and
transboundary connectivity in Asia and beyond, approved 46 projects worth
$ 8.5 billion in 18 members, such as improving infrastructure and urban services
in the slums of Indonesia and the improvement of the electrical system in Bangladesh.

As the bank is
striving to keep his promises, he also strives to respect his
commitment to the highest standards of governance, increased transparency and
responsibility. In badessing the investment objectives, the bank has, as always, taken
three factors to consider: financial sustainability, ecological
the sustainability and potential of projects to improve the standard of living.

To make sure that the
the loans go where they should be, the institution has been dedicated to
oversee the use of funds and provide badistance to fight corruption. He has
also tried to reach the high bar to stimulate development while protecting
the environment at the same time.

As a result, Standard
& Poor's, Moody's and Fitch, the three world leaders
agencies, rewarded the AIIB with triple-A ratings for two consecutive years
years in 2017 and 2018.

In the eyes of many
According to Western critics, the AIIB was a rival to the post-war Western-led global society.
financial arrangement with pillars such as the World Bank and
International Monetary Fund (IMF) continue to play a key role in providing
stimulating loans and development around the world.

The AIIB does not have the intention
reverse or replace the current rules-based international financial system.
system of government, but to make it more efficient and resourceful, and
integrate into the overall system.

While the IMF and the
The World Bank has expressed its support for the bank and wishes to join its efforts,
AIIB has also tried to achieve its goals through close cooperation
with other banking institutions and private sectors, such as Asian Development
Bank and European Bank for Reconstruction and Development.

As the world tries
to deal with the rising waves of protectionism and economic populism, the AIIB
seeks to help promote global cooperation, preserve multilateralism and
advance the necessary reforms in the system of global economic governance so that
it can play its part in promoting inclusive development in a new era of
economic globalization.

While addressing the
Annual General Meeting, Grand Duke Henri of Luxembourg declared
institutions such as AIIB are essential, especially in times of climate change
and when human lives are threatened around the world. "

Now that the AIIB has
reached a new stage of its development, it is expected that, by joining forces
with more countries and institutions in the world, it will play an even bigger role
role in strengthening shared development for all.

GNA