AIIB approves Lebanon’s membership application

AIIB looks forward to work with Lebanon, given its historic and commercial importance as a “commercial hub”.

AIIB, Lebanon, Membership
AIIB President, Jin Liqun (Source: )

In the most recent development, Lebanon finds place in the “Asian Infrastructure Investment Bank”, as a new “prospective” AIIB member.

The membership application given by the Republic of Lebanon has been accepted by the “Asian Infrastructure Investment Bank. The bank accepted Lebanon’s new membership, and at present, it has a total membership of eighty seven, reports the bank on Tuesday, 26 June 2018.

In the words of the vice-president as well as the corporate secretary for AIIB, Sir Danny Alexander: “We’re pleased to welcome Lebanon as a prospective member. It is an important and historic commercial hub in the Middle East and we look forward to Lebanon playing an active role within AIIB.”

The official entry of Lebanon into the AIIB members’ list till take place after the completion of the former’s “required domestic processes” and also once the first round of capital instalments take place with the bank. The shares allocated to Lebanon, as “the new prospective member” has been pooled from the existing shares of the bank which are yet “unallocated”.

AIIB was launched in the month of January 2016. Fifty seven signatories were present at the event to sign in the “Articles of Agreement” for it. In the following year, however, an announcement was made by the bank, revealing the names of additional twenty seven “prospective members”. Likewise, in the month of May 2018, it made yet another announcement of similar nature whereby informing that it has approved two new “prospective members”.

In this manner, the “Asian Infrastructure Investment Bank” wants to carry on its journey and keep up the trend of “welcoming new members in the future”.

AIIB has gathered for its “third annual meeting”, whereby the bank began its conference on Monday, June 25, 2018, in Mumbai, India. The theme of the said meeting is: “Mobilizing Finance for Infrastructure: Innovation and Collaboration”.