Five African countries join Asian Infrastructure Investment Bank
London, Jan. 1, 2019 (AltAfrica)-The Asian Infrastructure Investment Bank (AIIB), a multilateral financial institution set up by China in 2015, has announced that its board of governors approved that five new African countries and one European country are joining the group
These countries are Algeria, Ghana, Libya, Morocco, Togo and Serbia.
” In the space of three years, the number of AIIB members has grown from 57 founders to 93 members. This shows our members’ commitment to multilateral cooperation and reinforces the role of AIIB in the international financial community, “said AIIB Vice President and Secretary General Danny Alexander.
The AIIB represents an attempt by Beijing and its allies to break Western domination over the governance of various existing multilateral donors. It already has among its members, several African countries, including Egypt, South Africa, Ethiopia, Kenya and Sudan.
Shortly after the launch of this institution, whose mission is to finance infrastructure projects, including a colossal railway between Beijing and Baghdad, the United States called on countries wishing to join the AIIB to wait until this bank demonstrates respect for governance standards and environmental and social standards. But this call has not been taken into consideration by many countries around the world, including several Washington allies.
In the Group of 7 most industrialized countries, only the United States and Japan preferred to stay outside the institution.
Washington suspects Beijing of wanting to use the AIIB to favor its businesses and serve its own geopolitical interests. China holds 30% of the capital of the institution and 26% of the voting rights, while India, the second largest shareholder, comes very far behind with 8.4%.