BY LORETTA B MANELE                                                                                                                                                                                                                                                                                                                                    Solomon Islands is now a member of the Asian Infrastructure Investment Bank (AIIB).

According to a press statement from the Ministry of Finance and Treasury (MoFT), Harry Kuma, Finance Minister is pleased to announce that Solomon Islands is now a Regional Member of the Asian Infrastructure Investment Bank (AIIB).

As stated, Solomon Islands first applied to be a member of the bank in 2023.

“After complying with all membership requirements, including the Instrument of Accession, and the first instalment capital subscription payment of US$100,000.00, Solomon Islands was considered to have fulfilled the terms and conditions outlined in Resolution No. 123 of the Board of Governors, and therefore has been admitted officially as a Bank’s Regional Member as of June 9, 2025.”

The AIIB, as explained is a Multilateral Development Bank that provides financing for infrastructure projects in Asia and to its member countries like Solomon Islands.

As other development banks, its mission is to improve social and economic outcomes in its region, Asia and beyond.

AIIB has registered up to 49 Regional Members and 51 Non-Regional Members, with approximately US$100 billion of capitalization, as of 2023.

The bank was established by President Xi Jinping to provide developing countries with an alternative financing option apart from institutions like the World Bank Group, the Asian Development Bank and the International Monetary Fund.

AIIB is said to have commenced operations back in 2016 and is headed by a Board of Governors composed of one Governor and one Alternate Governor appointed by each of the member countries.

“A non-resident Board of Directors are responsible for the direction and management of the Bank such as the Bank’s strategy, annual plan and budget and establishing policies and oversight procedures.

The bank staff is headed by a President who is elected by AIIB shareholders for a five-year term and is eligible for re-election once. The President is supported by Senior Management including five Vice Presidents for policy and strategy, investment operations, finance, administration and the corporate secretariat and the General Counsel and Chief Risk Officer.”

For Solomon Islands, in terms of representation, the Minister for Finance and Treasury is the appointed Governor representing Solomon Islands in the Board of Governors of AIIB and the alternate Governor is the Permanent Secretary for the Ministry of Finance and Treasury.

Also mentioned is that as Governor of AIIB, the Minister for Finance and Treasury, Harry Kuma was also invited to attend and participate in the 10th AIIB Board of Governors Annual Meetings from 24th to 26th June 2025 in Beijing, China.

MoFT stated that as a member, Solomon Islands has great potential to benefit from development and infrastructure project funding by AIIB, especially under its four thematic infrastructure investment priorities, namely; green infrastructure, connectivity and regional cooperation, technology enabled infrastructure and private capital mobilization efforts.

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