Monrovia – Liberia’s quest to gain membership to the prestigious Asian Infrastructure Investment Bank has gained traction with both parties agreeing on terms and conditions. The AIIB is is multilateral development bank with a mission to improve social and economic development in the Asian-Pacific region and other parts of the world by investing in sustainable infrastructure and other productive sectors. The decision to accept Liberia’s membership into the powerful global institution will be formalized when the AIIB’s board of governors meets later this July, 2020. Under the terms of Liberia’s membership, the country will “subscribe to 50 shares of capital stock in AIIB, of which 10 shares shall be paid-in shares and 40 shall be callable shares”. Both parties also agreed that payments of the paid-in shares shall be made in five equal installments.

Source: Front Page Africa July 01, 2020 15:19 UTC