WASHINGTON, April 21, 2024 /PRNewswire/ -- The Asian Infrastructure Investment Bank (AIIB) and the World Bank have signed a renewed Memorandum of Understanding (MOU) to enhance collaboration on infrastructure development and support the achievement of the Sustainable Development Goals (SDGs).
The renewed MOU was signed by AIIB President Jin Liqun and World Bank President Ajay Banga during the 2024 IMF and World Bank Spring Meetings in Washington D.C. It outlines a framework to deepen operational collaboration between both institutions in key areas of shared strategic importance, with the aim to enhance sustainable economic development and address global challenges.
"We are pleased to strengthen our partnership with the World Bank," said AIIB President and Chair of the Board of Directors Jin Liqun. "By working together, we can maximize our efforts in addressing climate change, improving social infrastructure and protecting biodiversity. This collaboration will enhance our collective impact and support our Members in achieving their development goals. Together, we can build a more sustainable and resilient future."
Building upon the previous MOU signed in 2017, the renewed agreement outlines enhanced areas of collaboration such as climate change, social infrastructure (with a focus on health), biodiversity and other mutually agreed areas that align with AIIB's mission of Financing Infrastructure for Tomorrow and the World Bank's Global Challenge Programs.
Under the renewed agreement, both institutions plan to continue sharing knowledge, ideas and lessons learned, while expanding joint activities and exploring diversified cofinancing options. The two institutions will also work toward standards harmonization, engaging in collaborative dialogues with stakeholders and periodically evaluating the effectiveness of their collaboration.
The partnership aims to leverage both institutions' respective strengths and resources to address the current development challenges and promote sustainable economic growth. By pooling their financing, including private capital mobilization, both institutions seek to increase the impact of their joint efforts and support the implementation of infrastructure projects with a focus on sustainability and resilience.
This enhanced collaboration facilitates the implementation of joint projects and initiatives, with an emphasis on climate finance and green and blue investments. In addition, the reinforced cooperation between the two multilateral development banks aims to lift lending capacities, promote sustainable development projects, improve digital infrastructure and bolster health services across Asia and beyond.
About AIIB
The Asian Infrastructure Investment Bank (AIIB) is a multilateral development bank whose mission is financing the Infrastructure for Tomorrow-infrastructure with sustainability at its core. We began operations in Beijing in January 2016 and have since grown to 109 approved members worldwide. We are capitalized at USD100 billion and Triple-A-rated by the major international credit rating agencies. Collaborating with partners, AIIB meets clients' needs by unlocking new capital and investing in infrastructure that is green, technology-enabled and promotes regional connectivity.
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