The agreement demonstrates their shared dedication to improving infrastructure development and achieving the Sustainable Development Goals (SDGs)
The Asian Infrastructure Investment Bank (AIIB) has joined forces with the World Bank, emphatically affirming its resolve to enhance collaboration on infrastructure development and support the achievement of SDG goals.
The Asian Infrastructure Investment Bank (AIIB) and the World Bank have signed a significant renewed Memorandum of Understanding (MOU). This agreement is a testament to their shared commitment to enhance collaboration on infrastructure development and support the achievement of the Sustainable Development Goals (SDGs).
The renewed MOU, signed by AIIB President JinLiqun and World Bank President Ajay Banga, is a strategic framework. It aims to deepen operational collaboration between both institutions in key areas of shared strategic importance. The ultimate goal is to enhance sustainable economic development and address global challenges.
"We are delighted to fortify our alliance with the World Bank," expressed AIIB President and Chair of the Board of Directors JinLiqun. "Our shared commitment to addressing climate change, enhancing social infrastructure, and safeguarding biodiversity is a testament to our collective strength. This collaboration will amplify our combined influence and bolster our Members in their pursuit of development goals. Together, we can forge 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-upon 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 are steadfast in their commitment to transparency and accountability. They plan to continue sharing knowledge, ideas, and lessons learned while expanding joint activities and exploring diversified co-financing options. They will also strive for standards harmonisation, engage in collaborative dialogues with stakeholders, and regularly assess the effectiveness of their collaboration.
The partnership is poised to harness the unique strengths and resources of both institutions to tackle pressing development challenges and foster sustainable economic growth. By pooling their financial resources, including mobilising private capital, both institutions aim to magnify the impact of their joint endeavours and support the execution of infrastructure projects with a steadfast focus on sustainability and resilience. This renewed commitment promises a brighter future for infrastructure development and SDG support.
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.