The Asian Infrastructure Investment Bank’s Board of Governors this week approved the application of Liberia to join the Bank. This takes the number of the institution’s African members to 10, with an additional 9 prospective members.

“The growth of our membership from Africa demonstrates the understanding that multilateralism has the potential to address extraordinary challenges and that through cooperation and partnership, we can create a more sustainable future,” AIIB President Jin Liqun said. Prospective members, including Liberia, will officially join AIIB once they complete the required membership procedures and deposit the first capital installment with the Bank.

The bank’s approved African members are responsible for over 60 percent of the continent’s gross domestic product and represent over 46 percent of Africa’s population, AIIB said in a statement on its website.

Read the statement in full here.

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