New Delhi (People's Daily) - The Asian Infrastructure Investment Bank’s (AIIB) Board of Governors has approved a membership application from the Republic of Lebanon, bringing AIIB’s total approved membership to 87.

Danny Alexander, deputy governor of the AIIB, said, “ We are very happy that Lebanon can join us. Lebanon, as an important economic center in the Middle East, is expected to play an important role in the AIIB.” 

Shri Narendra Modi, prime minister of India, gave a speech at the inaugural session of the third Annual meeting of the AIIB. He said, “We are happy to have this opportunity to deepen our engagement with the bank and its members. AIIB started its financing operations in January 2016 and in less than three years, it has in its fold 87 members.” He also added ,“With committed capital of $100 billion and a huge need for infrastructure in member countries, I suggest the AIIB expand from financing $4 billion, to $40 billion by 2020 and $100 billion by 2025.”