Beijing, November 29, 2021
AIIB Approves USD1 Billion to Support Post-disaster Recovery in China
The Asian Infrastructure Investment Bank (AIIB) has approved USD1 billion for the Henan Flood Emergency Rehabilitation and Recovery Project in China. The Project will support post-disaster recovery in three municipalities in Henan Province that were severely affected by flooding due to days of record-breaking heavy rainfall. The loan will help the municipalities of Zhengzhou, Xinxiang and Jiaozuo rebuild infrastructure and strengthen capacity for integrated flood risk management and flood emergency response in the long term.
The extreme weather event in July 2021 saw tens of thousands evacuated and 14.5 million people in 150 cities and counties affected in Henan Province. The flooding resulted in severe damage to homes and public buildings as well as to urban and rural roads, bridges, water utilities, drainage systems, dikes and dams.
“The Project reinforces our commitment to work with our members to drive action on climate change,” said AIIB President Jin Liqun. "AIIB will continue to prioritize projects that enhance investments in climate adaptation and resilience to promote sustainable green infrastructure development and support our members in achieving their development goals."
In October, AIIB announced that it will align its operations with the goals of the Paris Agreement by July 1, 2023, estimating its cumulative climate finance approvals to be USD50 billion by 2030.
While long-term sustainability and climate resilience are key considerations in the project design, the investment aims to address the immediate post-disaster recovery needs. Financing activities in water and flood management, urban and transport sectors are critical to social and economic recovery.
“Climate change is leading to more frequent extreme events and consequently increasing the likelihood of severe floods and other disasters,” said AIIB Vice President, Investment Operations (Region 2) Konstantin Limitovskiy, “It is therefore imperative to build in climate adaptation in our infrastructure projects. In addition to helping the government meet the urgent need for rehabilitation and reconstruction of essential infrastructure, our project in Henan Province also aims at strengthening climate adaptation capacity and resilience of the infrastructure in municipalities of the province.”
The Asian Infrastructure Investment Bank (AIIB) is a multilateral development bank whose mission is financing the Infrastructure for Tomorrow—infrastructure with sustainability at its core. We began operations in Beijing in January 2016 and have since grown to 104 approved members worldwide. We are capitalized at USD100 billion and Triple-A-rated by the major international credit rating agencies. Working with partners, AIIB meets clients’ needs by unlocking new capital and investing in infrastructure that is green, technology-enabled and promotes regional connectivity.
More News Articles
Sharm el-Sheikh, November 22, 2022
AIIB Signs USD500-Million Agreement at COP27 to Support Pakistan’s Economic Resilience
At COP27, the Asian Infrastructure Investment Bank (AIIB) signed a USD500-million loan agreement with the government of the Islamic Republic of Pakistan to support the Building Resilience with Countercyclical Expenditures (BRACE) Program.READ MORE
Sharm el-Sheikh, November 22, 2022
AIIB Supports Egypt’s Efforts to Boost Renewable Energy and Stimulate Climate Action
At COP27, the Asian Infrastructure Investment Bank (AIIB) joined development partners in signing a partnership agreement with Egypt’s Ministry of Electricity and Renewable Energy, Ministry of Environment and Ministry of International Cooperation, to jointly support the country’s efforts to boost renewable energy and stimulate climate action through its country-led program: Nexus on Water, Food and Energy (NWFE).READ MORE
Sharm el-Sheikh, November 15, 2022
AIIB Enhances Commitment to Renewable Energy Infrastructure
The Asian Infrastructure Investment Bank (AIIB) has committed USD40 million to the first fund close of Alcazar Energy Partners II (the Fund). The agreement was signed by Sir Danny Alexander, AIIB Vice President for Policy and Strategy and Daniel Calderon, Co-Founder and Managing Partner of Alcazar Energy Partners-II (AEP-II), at COP27 in Sharm El-Sheikh, Egypt.READ MORE
Sharm el-Sheikh, November 14, 2022
At COP27, AIIB Takes Action to Further Promote Climate-Resilient Infrastructure Investments
The Asian Infrastructure Investment Bank (AIIB) announced at COP27 that it has joined the Coalition for Climate Resilient Investment (CCRI), fostering a strategic partnership to apply climate-resilient solutions.READ MORE