Washington, April 19, 2018
Asian Infrastructure Investment Bank and African Development Bank sign MoU to promote cooperation
A Memorandum of Understanding to enhance collaboration on sustainable economic development was signed on April 18 by the Asian Infrastructure Investment Bank and the African Development Bank and formalized during the World Bank-International Monetary Fund Spring Meetings in Washington, DC.
The mandates and comparative advantages of the two institutions converge around infrastructure development, particularly energy and power, transportation and communication. These key activity areas will provide a framework to foster collaboration in developing programs, co-financing, and other forms of financial assistance, knowledge and staff exchange.
Joachim von Amsberg, AIIB Vice-President for Policy and Strategy, remarked, "Today’s MoU with the African Development Bank reflects a strong partnership between two institutions with the same vision to promote sustainable economic development. It enables more effective cooperation between the two multilateral development banks and allows us to complement each other with our respective capabilities. In particular, it allows AIIB to benefit from AfDB’s rich experience in financing infrastructure projects in Africa." Egypt, Ethiopia, Madagascar, South Africa and Sudan have all joined or been approved to join the AIIB as non-regional members.
African Development Bank Senior Vice-President Charles Boamah stressed, "This partnership will benefit the Bank by leveraging additional resources for the continent, which are critical to the achievement of its High 5 development priorities." He said it is key for the Bank to cooperate with new development players like AIIB and to join forces in raising the voice of developing and emerging economies in the global policy landscape.
AIIB and AfDB will maintain a working relationship to achieve their common objectives of assisting developing countries in their development efforts.
The Asian Infrastructure Investment Bank (AIIB) is a multilateral development bank with a mission to improve social and economic outcomes in Asia and beyond. Headquartered in Beijing, we commenced operations in January 2016 and have now grown to 84 approved members from around the world. By investing in sustainable infrastructure and other productive sectors today, we will better connect people, services and markets that over time will impact the lives of billions and build a better future.
The overarching objective of the African Development Bank Group is to spur sustainable economic development and social progress in its regional member countries, thus contributing to poverty reduction. To do so, the Bank mobilizes and allocates resources for investment in African countries and provides policy advice and technical assistance to support development efforts.
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