Monrovia — Liberia's quest to gain membership to the prestigious Asian Infrastructure Investment Bank has gained traction with both parties agreeing on terms and conditions.
The decision follows a formal request by Liiberian Finance Minister Samuel D. Tweah, which was contained in a letter addressed to AIIB's President Jin Liqun, and a review by the group's board of directors.
The AIIB is is multilateral development bank with a mission to improve social and economic development in the Asian-Pacific region and other parts of the world by investing in sustainable infrastructure and other productive sectors.
The decision to accept Liberia's membership into the powerful global institution will be formalized when the AIIB's board of governors meets later this July, 2020.
Under the terms of Liberia's membership, the country will "subscribe to 50 shares of capital stock in AIIB, of which 10 shares shall be paid-in shares and 40 shall be callable shares". The par value of each share shall be one hundred thousand (100,000) United States dollars.
Both parties also agreed that payments of the paid-in shares shall be made in five equal installments.
The administration of President George M. Weah has taken a slew of measures to improve the country's economic standing, while creating access to additional sources of financing for development.
The latest move brings Liberia closer to membership of an organization regarded by the United Nations as having the potential for scaling up financing for sustainable development and to improve the global economic governance.