Togo and four other African countries join Asian Infrastructure Investment Bank

Economic governance
Wednesday, 26 December 2018 18:06
Togo and four other African countries join Asian Infrastructure Investment Bank

(Togo First) - Togo is now a member of the Asian Infrastructure Investment Bank (AIIB), a multilateral institution created in 2015 by China. On the same date, Algeria, Ghana, Lybia, Morocco and Serbia also became members of the institution.

Approving these countries’ adhesion aligns with a decision taken by the bank’s board of governors to reduce the significant western authority on the governance of existing multilateral lenders, namely the World Bank and IMF.

As a result, Washington and Tokyo are somehow wary of the institution. Indeed, they suspect that China wants to use it to serve its geopolitical interests. China holds 30% of the AIIB’s capital and 26% of voting rights.

By joining the Asian investment institution, Togo wants to take advantage of the best conditions possible to finance its infrastructure projects.

Counting the new members, the AIIB now has 93 members. Within three years only, 36 States joined the institution, adding to the 57 founding members. “This shows our members’ commitment for multilateral cooperation and it reinforces the AIIB’s role across the international financial community,” said AIIB’s vice president and secretary general, Danny Alexander.

Séna Akoda

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