The Asian Infrastructure Investment Bank (AIIB) now has 10 members and nine prospective members from Africa after its board of governors approved an application from Liberia to join the bank.

AIIB's approved African members are responsible for over 60 percent of Africa's gross domestic product and represent over 46 percent of Africa's population, said the bank.

According to the African Development Bank, Africa's infrastructure financing gap pre-COVID-19 was estimated to be between 67.6 and 107.5 billion U.S. dollars. As a multilateral development bank, committed to financially sustainable lending practices, the AIIB offers African members access to affordable capital and infrastructure expertise to help address this gap.

"The growth of our membership from Africa demonstrates the understanding that multilateralism has the potential to address extraordinary challenges, and that through cooperation and partnerships we can create a more sustainable future," said AIIB President Jin Liqun.

Prospective members will officially join AIIB once they complete the required membership procedures and deposit their first capital installment with the Bank.

The bank has begun to finance projects on the African continent with AIIB's president and board of directors having approved up to 600 million U.S. dollars in financing for three projects in Egypt so far.

The AIIB is a multilateral development bank with a mission to improve social and economic outcomes in Asia. Headquartered in Beijing, the bank began operations in 2016 and has now grown to 103 approved members worldwide.