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, May 30, 2023
AIIB Supports Multilateral Transport Initiative for Improved Transport Data
The Asian Infrastructure Investment Bank (AIIB) is engaging with the Asian Transport Outlook (ATO) initiative to strengthen the knowledge base on transport in the Asia-Pacific region.
READ MOREBeijing, May 19, 2023
AIIB Appoints a New External Member of its Audit and Risk Committee
The Asian Infrastructure Investment Bank (AIIB) has appointed Teresa Lin as external member of the Audit and Risk Committee (ARC) of the Board of Directors. Lin’s term follows the end of the three-year term of Ai Phing Cheng in April 2023. Elisabeth Stheeman continues to serve as external member to the ARC.
READ MOREBeijing, May 11, 2023
AIIB Issues First Climate Adaptation Bond Targeting Resilient Infrastructure
The Asian Infrastructure Investment Bank (AIIB) has successfully priced its first Climate Adaptation Bond, a thematic bond issued under the AIIB Sustainable Development Bond Framework. The 5-year bond raised AUD500 million, and the proceeds will be allocated to projects that have an estimated climate adaptation finance portion of 20 percent or greater of the total project financing.
READ MOREBeijing/London, April 27, 2023
Research Shows How AIIB-Amundi Climate Change Investment Framework Can Guide Investors
The Asian Infrastructure Investment Bank (AIIB), Amundi and Climate Bonds Initiative (CBI) announce the publication of the Companies and Climate Change report, developed by Fitch Solutions, the Carbon Trust, and CBI. This report presents the first research application of the AIIB-Amundi Climate Change Investment Framework (CCIF).
READ MORE