Kenya, Papua New Guinea Get Go-Ahead to Join Asia Infrastructure Investment Bank

Kenya, Papua New Guinea Get Go-Ahead to Join Asia Infrastructure Investment Bank

Xu Wei

Date: Thu, 05/03/2018 - 16:55 / source:Yicai
Kenya, Papua New Guinea Get Go-Ahead to Join Asia Infrastructure Investment Bank
Kenya, Papua New Guinea Get Go-Ahead to Join Asia Infrastructure Investment Bank

(Yicai Global) May 3 -- The Asian Infrastructure Investment Bank has approved Kenya and Papua New Guinea as new members to take its total investor count to 86 countries and regions.

The AIIB now has members from six continents, state-owned news agency Xinhua reported on Weibo, citing Vice President and Corporate Secretary Danny Alexander. “This shows a strong commitment to promoting infrastructure development through rules-based multilateral cooperation with high standards of governance,” he added.

Kenya and Papua New Guinea will officially join the Beijing-based AIIB once they complete required domestic procedures and deposit their first capital installment into the bank. Their allotted shares will come from an existing pool of unallocated shares, according to the AIIB.

The AIIB, formed with 57 signatories in January 2016, aims to improve social and economic outcomes in Asia and beyond by investing in sustainable infrastructure and other productive sectors, the report added. 

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Keywords: Papua New Guinea, Kenya, AIIB