The Presidency Council (PC) welcomed Libya’s new membership in the Asian Infrastructure Investment Bank (AIIB) and the European Bank for Reconstruction and Development (EBRD).

The AIIB announced late in December that its Board of Governors had approved the membership applications of Libya as well as other five countries, bringing AIIB’s total approved members to 93.

The Libyan Ministry of Planning began negotiations with the bank last year, while the Ministry of Foreign Affairs sent a delegation to the bank’s headquarters in Beijing.

Since its establishment in 2013, the AIIB provided more than $50 billion in funds to 34 African countries to support development, infrastructure, and agriculture projects.

For its part, the EBRD said in a previous statement that it provided €2 billion for 50 projects in Africa, of which 70 percent belongs to the private sector in the southern and eastern Mediterranean areas.