China-backed Asian Infrastructure Investment Bank adds Benin, Djibouti and Rwanda
- The addition of the three African countries was announced at the bank’s annual meeting in Luxembourg on Saturday
- Analyst says AIIB promotes Beijing’s interests, and by not being part of it, the United States has helped China control the bank more tightly
The Asian Infrastructure Investment Bank has expanded its membership to 100, with Benin, Djibouti and Rwanda the latest countries to join the Beijing-led multilateral lender.
While the Beijing-based lender is still some way off the size of the World Bank – which has 189 members and has always been headed by an American – it is larger than the Manila-based Asian Development Bank (ADB), with 68 members.
“We now have members on every continent,” said Danny Alexander, The Asian Infrastructure Investment Bank (AIIB) vice-president and former chief secretary of the British Treasury.
The development of the AIIB is widely seen as a diplomatic win for China, which holds the largest voting rights in the bank with a stake of slightly less than a third. The United States, which is not a member, sees the bank as a tool for Beijing’s geopolitical aspirations, but China has successfully persuaded Washington’s key allies – including Britain – to join the lender.