AIIB and World Bank strengthen cooperation in infrastructure development and sustainable development goals

WASHINGTON, April 22, 2024 /PRNewswire/ — The Asian Infrastructure Investment Bank (AIIB) and the World Bank have signed a renewed Memorandum of Understanding (MOU) to enhance cooperation in infrastructure development and support the achievement of the Sustainable Development Goals (SDGs).

The renewed MOU was signed by AIIB President Jin Liqun and the President of the World Bank Ajay Banga during the 2024 spring meetings of the IMF and the World Bank Washington DC It outlines a framework to deepen operational cooperation between the two institutions in key areas of shared strategic importance, with the aim of promoting sustainable economic development and addressing global challenges.

“We are pleased to strengthen our partnership with the World Bank,” said AIIB President and Chairman of the Board of Directors Jin Liqun. “Working together we can maximize our efforts in tackling climate change, improving social infrastructure and protecting biodiversity. This collaboration will increase our collective impact and support our members in achieving their development goals. Together we can build a more sustainable and resilient future.”

Building on the previous MOU signed in 2017, the renewed agreement outlines enhanced areas of cooperation such as climate change, social infrastructure (with an emphasis on health), biodiversity and other mutually agreed areas that align with AIIB’s mission to finance and the World Bank’s Global Challenge programmes.

Under the renewed agreement, both institutions plan to continue sharing knowledge, ideas and lessons learned, while expanding joint activities and exploring diversified co-financing options. The two institutions will also work towards the harmonization of standards, by engaging in collaborative dialogues with stakeholders and periodically evaluating the effectiveness of their cooperation.

The partnership aims to leverage the respective strengths and resources of both institutions to address current development challenges and promote sustainable economic growth. By pooling their financing, including the mobilization of private capital, both institutions seek to increase the impact of their joint efforts and support the implementation of infrastructure projects with an emphasis on sustainability and resilience.

This strengthened cooperation facilitates the implementation of joint projects and initiatives, with an emphasis on climate finance and green and blue investments. Furthermore, the enhanced cooperation between the two multilateral development banks aims to increase lending capacity, promote sustainable development projects, improve digital infrastructure and strengthen healthcare services across Europe. Asia and further.

About AIIB

The Asian Infrastructure Investment Bank (AIIB) is a multilateral development bank with the mission to finance the Infrastructure for Tomorrow: infrastructure where sustainability is central. We started our activities in Beijing in January 2016 and have since grown to 109 approved members worldwide. We are capitalized 100 billion dollars and a Triple-A rating from the major international credit rating agencies. Working with partners, AIIB meets client needs by unlocking new capital and investing in infrastructure that is green, technology-enabled and promotes regional connectivity.

SOURCE AIIB