The Asian Infrastructure Investment Bank (AIIB) has signed a Memorandum of Understanding (MOU) with the China International Development Cooperation Agency (CIDCA) to jointly accelerate the attainment of the United Nations Sustainable Development Goals (SDGs).
AIIB and CIDCA will collaborate in addressing climate change to realize the 2030 Agenda for Sustainable Development. CIDCA’s grants resources will support preparation and financing of AIIB projects that are prepared with the highest international standards and in line with the Bank’s strategy and policies. This new partnership will also enable both parties to fully leverage each other’s respective strengths and support joint strategic priorities and activities related to the SDGs.
“AIIB is broadening its range of partnerships as we seek to support our members to meet their climate and development goals,” said Danny Alexander, AIIB Vice President for Policy and Strategy. “There is an urgent need to scale up finance for climate and development infrastructure and this partnership will help us do so.”
Earlier, AIIB announced the alignment of its new investment operations with the goals of the Paris Agreement. The Bank issued its methodology for assessing the alignment, which are consistent with low-carbon and climate-resilient development pathways.
AIIB’s Corporate Strategy also set goals for the Bank to scale its annual climate finance approvals up to at least 50 percent of total approved financing by 2025. In 2022, AIIB’s climate finance was at 56 percent of total approved financing, up from 48 percent in 2021 and already surpassing the Bank’s 2025 target.
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 106 approved members worldwide. We are capitalized at USD100 billion and Triple-A-rated by the major international credit rating agencies. Collaborating with partners, AIIB meets clients’ needs by unlocking new capital and investing in infrastructure that is green, technology-enabled and promotes regional connectivity.