Liberia Becomes AIIB’s 84th Member 

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This approval comes as President George Manneh Weah seeks to expand Liberia’s global economic leadership and presence to foster regional cooperation, economic development and integration.

Liberia has become the 84th member, after being admitted as a non-regional member by the Board of Governors of the Asian Infrastructure Investment Bank (AIIB), and having completed the terms and conditions of membership set out in Resolution 96 of the AIIB’s Board of Governors, on January 4, 2021. 

The country’s formal application, which was submitted on 13 April 2020 through the Ministry of Finance and Development Planning, was approved at the Bank’s Fifth Annual Meeting held in Beijing, China, on July 28, 2020, making Liberia the Bank’s 84th member.

Joining the AIIB presents an opportunity for Liberia to continue to expand its cooperation with the community of Development Finance institutions (DFIs) around the world. 

This approval comes as President George Manneh Weah seeks to expand Liberia’s global economic leadership and presence to foster regional cooperation, economic development and integration.  

Joining the AIIB presents an opportunity for Liberia to continue to expand its cooperation with the community of Development Finance institutions (DFIs) around the world. 

Liberia as a member is expected to benefit from projects financing that has a value of more than 20 to 30 times the total value of the investment the country makes in the bank, as the AIIB could hold equity share in a Public-Private Partnership (PPP) venture in roads or energy development or in projects of similar nature.

It is also expected that the country will also leverage its membership within the bank to attract Asian investors and development financing into the country, especially at a time the country needs all the investments it can get in the post-COVID-19 era.

The country’s accession is subject to ratification by the National Legislature.  

However, the country is looking forward to working with the bank to explore opportunities for resolving major development and infrastructure challenges and those confronting other African countries, in the form of large road and electricity infrastructure deficits, climate change and challenges to perfecting the digital economic frontier.

In addition, the AIIB is also expected to partner with the MDBs to develop regional projects in the Mano river region. Liberia is presently exploring possibilities for regional projects with Guinea, Sierra Leone or the Ivory Coast.

The bank currently has 102 countries as members, including Ghana, Guinea, Rwanda, Benin, Togo, Senegal, China, Canada, United Kingdom, etc. Since its inception, the bank has spent over USD19.14 billion on development project financing.

AIIB’s sovereign loan program, like those of other MDBs, is tailored to developing countries like Liberia that cannot afford borrowing from the international market at higher commercial non-concessionary lending rates. Loan maturity runs from 20 to 35 years.

2 COMMENTS

  1. I’m glad because Liberia’s application has been positively received and approved. It’s a good move in the right direction. I have a feeling that those Sub-saharan Africans will outrightly condemn this latest move as a drag. My question is —what else is new?

  2. Africans, specifically Liberians, what is wrong with our brains? Why do the wrong people always rule us to perdition?

    Liberia is a member of the African Development Bank with a mission to spur sustainable economic development and social progress in its regional member countries, thus contributing to poverty reduction.
    CDCians, adhere to their core value; transparency in procurement procedures to give fair and equal opportunity to contractors, suppliers and consultants from member countries. we can only get here through education, my people!

    We also have the West African Development Bank (BOAD) with the same mission for WAEMU Countries, which can also be, and has been extended to other sister countries in Africa.
    Like the AfDB, it also has stricter procurement processes with low costs comparatively to other financial institutions.

    Has the CDC led government contacted any of these institutions, in keeping with their conditions, and been let down? I think NO, because they (CDC) have stolen monies they cannot account for.

    Well, there is an Ivorian adage that says that “too much meat cannot sour the soup”, and so adding more development finance institutions to the list of Liberian partners will not be bad at all.
    However, I have a question at the corner of my mouth: How much can the CDC led government invest in the AIIB, even if given 20 years to rule us, knowing that our annual budget spans around half a billion dollars with no provisions for savings or reserves?

    Let me enlighten my readers: Let’s assume over 10 years, the GOL (under CDC) invested $5 million (best probability). It means the CDC government can probably take a loan of 5 x 30 times (best case scenario), i.e. $150 million. What can a government do with such amount of money that can be generated within One (1) month from a SINGLE SECTOR by a progressivist government headed by Alexander B. Cummings?

    A great African hero and intellectual, Laurent GBAGBO, once made a proposal to the African Union summit, which I would like to bring to the attention of all African Economic Freedom Fighter (EFF).
    In every African country, let’s apply a levy of 10 cents ($0.10) on all sales of minerals extracted, farm produce, animals and animal products to constitute an African Development Fund (AFD) with no western participation. Within 2 years, enough revenue will be generated to begin to build our roads, build our industries that can transform our raw materials and minerals to add substantial values to all African countries at derisory costs.

    I hope to have a new breed of African leaders to reconsider the Laurent GBAGBO’s proposal for a better and truly free Africa.

    Can Liberia be a part of this new breed of African leaders?
    As for me, I strong believe it is a mirage with the CDC government headed by a single person with 3 honorary doctorate degrees.

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