AIIB and World Bank strengthen cooperation on infrastructure development and Sustainable Development Goals
PR News Wire
Washington, April 21, 2024
WASHINGTON , April 21, 2024 /PRNewswire/ — The Asian Infrastructure Investment Bank (AIIB) and the World Bank have announced a new initiative to strengthen cooperation in infrastructure development and support the achievement of the Sustainable Development Goals (SDGs). A memorandum of understanding (MOU) was signed. ).
The new Memorandum of Understanding was signed by AIIB President Jin Likun and World Bank President Ajay Banga at the 2024 IMF and World Bank Spring Meetings in Washington, DC. The Memorandum of Understanding outlines a framework for deepening operational cooperation between the two institutions in areas of common strategic importance. Promote sustainable economic development and address global challenges.
“We are pleased to strengthen our partnership with the World Bank,” said Jin Liqun, AIIB Chairman and Chairman of the Board. “By working together, we can maximize our efforts in combating climate change, improving social infrastructure and protecting biodiversity. This collaboration will increase our collective impact. , to help member countries achieve their development goals. Together, we can build a more sustainable and resilient future.” ”
Building on the previous Memorandum of Understanding signed in 2017, the new agreement provides mutual support in line with AIIB's mission to address climate change, social infrastructure (with a focus on health), biodiversity, and infrastructure for tomorrow. It outlines areas for enhanced cooperation, including other areas agreed upon in the World Bank Global Challenges Program.
Under the new agreement, the two institutions will continue to share knowledge, ideas and lessons, while expanding their joint activities and exploring various co-financing options. The two agencies will also work towards harmonization of standards by engaging in dialogue with stakeholders and regularly evaluating the effectiveness of the collaboration.
The partnership aims to leverage the respective strengths and resources of both institutions to address current development challenges and foster sustainable economic growth. By pooling resources, including the mobilization of private capital, the two institutions seek to increase the effectiveness of their joint efforts and support the implementation of infrastructure projects with a focus on sustainability and resilience.
This strengthened collaboration will facilitate the implementation of joint projects and initiatives focused on climate finance and green and blue investments. Additionally, enhanced cooperation between the two multilateral development banks is aimed at increasing financing capacity, advancing sustainable development projects, improving digital infrastructure, and strengthening health services across Asia and the rest of the world.
About AIIB
The Asian Infrastructure Investment Bank (AIIB) is a multilateral development bank whose mission is to finance infrastructure for the future – infrastructure with sustainability at its core. The company started its operations in Beijing in January 2016 and has since grown to 109 authorized members worldwide. The company has a capital of $100 billion and has a triple-A rating from major international credit rating agencies. AIIB works with its partners to meet the needs of its customers by unlocking new capital and investing in infrastructure that is green, technology-enabled, and fosters regional connectivity.
Source AIIB
