Flags of various countries are seen inside the headquarters of Asian Infrastructure Investment Bank (AIIB), in Beijing, on July 27, 2020. (Photo: Agencies)

The number of Asian Infrastructure Investment Bank members has reached 103 after the inclusion of West African country Liberia, The Paper reported on Tuesday.

Liberia was approved to join the AIIB at the Fifth Annual Meeting of the Asian Infrastructure Investment Bank, held virtually on Tuesday. So far 19 African countries have become approved members of AIIB.

The increase in the number of African members demonstrates the AIIB's deep understanding of multilateralism and its ability to face challenges."We can build a more sustainable future," said Jin Liqun, who has been re-elected to a second term as president of the AIIB by the bank's Board of Governors.

The Board of Governors also approved the United Arab Emirates to be the host country for the AIIB annual meeting in 2021, which will be held in Dubai from Oct 27 to 28.

Three African countries, including Benin, Djibouti and Rwanda, were approved to join AIIB at its Fourth Annual Meeting on July 13 last year, expanding AIIB's "Circle of Friends" to 100.