Moreover, we furthered our internal accountability learnings by networking externally. We have been actively doing this since becoming an institutional member of the Independent Accountability Mechanisms Network
(IAMnet) in April 2019. IAMnet is a network of practitioners that regularly shares ideas and assist with institutional capacity building in accountability and compliance as components of corporate governance. We participated in IAMnet outreach activities and network meetings, and CEIU represented AIIB at the annual IAMnet meeting hosted by the African Development Bank in June 2019.
AIIB also became an institutional member of the Global Delivery Initiative
(GDI) in April 2019. GDI is a partnership of over 50 development organizations focused on collecting and sharing operational insights and lessons to better understand what works—and doesn’t—in project implementation. GDI specialists made two virtual presentations to interested AIIB staff.
In July 2019, we signed a partnership memorandum with the International Fund for Agricultural Development
(IFAD)—a specialized agency of the United Nations
—for cofinancing projects and programs, mobilizing private sector financing and for research and analysis. IFAD has a strong focus on the development of rural infrastructure, renewable energy sources and climate change adaptation and mitigation.
We also signed an agreement with the European Stability Mechanism
(ESM) in July 2019 to establish a framework for greater collaboration. The framework covers technical cooperation, exchange on economic and policy strategy, funding, risk management, corporate governance, legal services and the secondment of staff. ESM’s support for AIIB goes back to 2017 when they assisted us in setting up our SWIFT infrastructure. This allowed AIIB to communicate securely and efficiently with financial institutions across the globe.
To further our mandate, partnerships with private financial institutions were also necessary.
In July 2019, we forged a strategic partnership with Aberdeen Standard Investments
to develop sustainable debt capital markets for infrastructure, drive responsible investing in fixed income and build an effective ESG ecosystem in emerging markets in Asia.
In September 2019, we partnered with Amundi
for a USD500-million Asia Climate Bond Portfolio which aims to address the underdevelopment of the climate bond market. Amundi is Europe’s largest asset manager by assets under management and ranks in the global top 10. Our collaboration shows how MDBs and the private sector can jointly accelerate climate action in our members.
In November 2019, we established Bayfront Infrastructure Management Pte. Ltd. (BIM) with Clifford Capital Pte. Ltd
. BIM is a first-of-its-kind platform designed to mobilize a new pool of institutional capital and address the infrastructure financing gap in Asia.
As we have from the outset, we continue to cofinance within the family of MDBs. In March 2019, we entered into a comprehensive Cofinancing Framework Agreement for sovereign operations with the Asian Development Bank (ADB). In the same year, we cofinanced projects with the International Finance Corporation, the International Development Association, ADB, the European Bank for Reconstruction and Development, the Black Sea Trade and Development Bank and the Eurasian Development Bank.