London, United Kingdom, May 11, 2016
Asian Infrastructure Investment Bank to cooperate with European Bank for Reconstruction and Development
The Asian Infrastructure Investment Bank (AIIB) and European Bank for Reconstruction and Development (EBRD) have agreed to deepen cooperation between the two organizations as they promote economic development and investment across countries where they are both active.
A Memorandum of Understanding (MOU) that sets out a framework for strategic and operational cooperation was signed on May 11 by AIIB President Jin Liqun and Sir Suma Chakrabarti, the President of the EBRD, during the 25th Annual Meeting of the EBRD in London.
The EBRD has been a strong supporter of the AIIB from its inception and shared with the AIIB its experiences in such areas as investment processes and the development of infrastructure and energy projects. Sir Suma attended the AIIB’s inaugural meeting on January 16 in Beijing.
Speaking at the MOU signing, President Jin said, "Today we take another important step forward in deepening our collaboration with the EBRD, aiming to address the significant funding needs for infrastructure investment across Asia and the rest of the world. We are grateful for the steady support provided by the EBRD during our establishment process, and look forward to continuing to build on this meaningful partnership in the years ahead."
EBRD President Sir Suma said, "I very much welcome the role that the AIIB will play in helping to narrow the huge infrastructure investment gap that emerging economies face. We have already built up close ties with the AIIB and shared our own experiences. I now look forward to strengthening this association and working together on joint projects."
The MOU notes that the AIIB and EBRD serve common members and regions and share common objectives. It says cooperation will take place in the form of regular dialogue at the level of senior management, exchanges of information on respective policies and strategies and on activities in common areas where the banks invest.
The two institutions have already started cooperation on the ground. The first joint project, a road linking Dushanbe, Tajikistan, with the Uzbek border, will form part of the east-west highway in Central Asia. EBRD's Board of Directors has just approved the project for financing, and AIIB's Board is expected to consider AIIB financing in June. The two banks are currently considering other joint infrastructure projects in Central Asia.
The AIIB is a multilateral development bank that focuses on the development of infrastructure and other productive sectors in Asia, including energy and power, transportation and telecommunications, rural infrastructure and agriculture development, water supply and sanitation, environmental protection, urban development and logistics.
The EBRD is a multilateral bank committed to the development of market-oriented economies and the promotion of private and entrepreneurial initiative in more than 30 countries from Morocco to Mongolia and from Estonia to Egypt.
More News Articles
Beijing, January 09, 2023
AIIB Welcomes Mauritania as New Prospective Member
The Asian Infrastructure Investment Bank’s (AIIB) Board of Governors has approved Mauritania’s application, raising the Bank’s approved membership to 106. Mauritania is now AIIB’s 55th nonregional member, 21 of which are from Africa.READ MORE
Beijing, December 30, 2022
AIIB Extends EUR250M to Support Egypt’s Green Public Transportation
The Asian Infrastructure Investment Bank’s (AIIB) Board of Directors has approved a EUR250-million loan to Egypt for the Alexandria-Abou Qir Metro Line Project. Aiming to increase access to efficient, safe and low-carbon public transportation in the city of Alexandria, the project will upgrade and electrify the existing Alexandria-Abou Qir line. Twenty metro stations along the 22-kilometer corridor will be modernized, 13 stations and 16 kilometers of which will be elevated.READ MORE
Beijing, December 12, 2022
AIIB Reinforces Commitment to Support Members’ Clean Energy Solutions
The Board of Directors of the Asian Infrastructure Investment Bank (AIIB) has approved an update to the Bank’s Energy Sector Strategy on Nov. 22, 2022. Under the updated Energy Sector Strategy, AIIB will focus its energy investments on supporting its Members to achieve their long-term climate goals and net-zero/carbon neutrality commitments and to accelerate the just transition towards secure, affordable, and sustainable energy access for all.READ MORE
Beijing, December 07, 2022
AIIB Signs USD200-M On-Lending Facility to Boost Türkiye’s Climate Mitigation and Adaptation Efforts
The Asian Infrastructure Investment Bank (AIIB) and the Industrial Development Bank of Türkiye (Türkiye Sınai Kalkınma Bankası A.Ş. or TSKB) have signed a USD200-million on-lending facility to contribute to the Republic of Türkiye’s climate mitigation and adaptation goals in line with the Paris Agreement.READ MORE