Tanzania Joins AIIB to Drive Infrastructure Development and Economic Prosperity.

Tanzania Joins AIIB to Drive Infrastructure Development and Economic Prosperity.

In a significant step towards advancing its economic development and infrastructure initiatives, Tanzania has officially become a member of the Asian Infrastructure Investment Bank (AIIB). The milestone was achieved during the AIIB’s eighth Annual Meeting in Sharm El Sheikh, Egypt, where the applications of three economies, including El Salvador, Solomon Islands, and Tanzania, were approved by the AIIB’s Board of Governors. The AIIB’s global membership has expanded to 109 countries with this development.

AIIB, a multilateral development bank, now boasts a membership representing 81% of the world’s population and contributing to 65% of global gross domestic product (GDP). The addition of El Salvador, Solomon Islands, and Tanzania is seen as a testament to AIIB’s successful collaboration with its members and its dedication to financing the infrastructure of the future.

AIIB President and Chair of the Board of Directors, Jin Liqun stated, “AIIB has a track record of successful collaboration with our members. The addition of El Salvador, Solomon Islands, and Tanzania strengthens the AIIB community and supports our collective mission to finance the infrastructure of tomorrow. We will work on priority projects within our clearly defined thematic priorities to drive long-term sustainable growth.”

The three new member economies, including Tanzania, will officially join AIIB once they have completed the necessary domestic processes and deposited their initial capital instalment with the bank.

This development holds great promise for Tanzania’s ambitious economic growth and prosperity under the leadership of President Samia Suluhu Hassan. Tanzania has been actively investing in various infrastructure projects, such as roads and railways, to facilitate economic development.

The AIIB’s mission aligns closely with Tanzania’s infrastructure goals. It aims to finance the world’s infrastructure projects of the future, and AIIB members and clients collaborate to turn these aspirations into reality. Given Tanzania’s ongoing efforts to enhance its infrastructure, AIIB’s inclusion is a significant boost to these initiatives. However, the success of this partnership depends on collaborative efforts with existing initiatives and the mobilization of private sector investments. By 2023, AIIB aims to unlock $2 trillion in global infrastructure investments, further supporting Tanzania’s development goals.