Asian Infrastructure Investment Bank (AIIB) President Jin Liqun, Inter-American Development Bank (IDB) President Luis Alberto Moreno, and Inter-American Investment Corporation (IIC) Chief Executive Officer James P. Scriven today signed a Memorandum of Understanding to provide an overall framework for strengthening cooperation between AIIB and the IDB Group in areas of common interest, such as knowledge exchange, policy coordination, and the co-financing of infrastructure projects in their respective member countries.
"AIIB and the IDB Group are formalizing our partnership because we share the same vision to promote cooperation and economic development," said President Jin., "It will take our collective efforts and expertise to build a sustainable future, and today represents another step forward on that journey."
"Asia is a critical trade, investment, and business partner for countries in Latin America and the Caribbean," said President Moreno. "This new agreement between the IDB Group and AIIB will enhance those ties and solidify Asia’s standing as one of our region’s key partners in the journey toward sustainable development."
The agreement seeks to strengthen south-south cooperation and improve coordination for the financing sustainable infrastructure projects. The participation of the IIC, the IDB Group’s private sector arm, in this new agreement ensures that activities to strengthen businesses in the region will be a priority for the partners moving forward.
The Inter-American Development Bank is a leading source of long-term financing for economic, social and institutional projects in Latin America and the Caribbean. Besides loans, grants and guarantees, the IDB conducts cutting-edge research to offer innovative and sustainable solutions to our region’s most pressing challenges. Founded in 1959 to help accelerate progress in its developing member countries, the IDB continues to work every day to improve lives.
The Inter-American Investment Corporation, a member of the IDB Group, is a multilateral development bank committed to supporting the private sector in Latin America and the Caribbean. The IIC finances sustainable enterprises and projects to achieve financial results that maximize social and environmental development for the region. With a current portfolio of $7 billion under management and 330 clients in 20 countries, the IIC works across sectors to provide innovative financial solutions and advisory services that meet the evolving demands of its clients.
AIIB is a new multilateral development bank founded to bring countries together to address the daunting infrastructure needs across Asia. Headquartered in Beijing, AIIB commenced its operation in January 2016 and has now grown to 77 approved members from all over the world. Its mission is to improve economic and social development in Asia by investing in high quality, financially viable and environmentally friendly infrastructure projects.