Asian Infrastructure Investment Bank (AIIB) President Jin Liqun welcomed Brazil Vice President H.E. Geraldo Alckmin during a visit to the Bank on June 7, 2024. The two leaders committed to enhancing collaborations and partnerships, particularly to accelerate and scale action against climate change.
Brazil holds the Presidency of the G20 and will host COP30 in 2025 in Belém. Vice President Alckmin laid out ambitious plans for galvanizing global action in response to the global climate emergency, including through the Task Force for the Global Mobilization against Climate Change.
“AIIB is committed to supporting our Members in building resilient and sustainable infrastructure to help minimize the human, social and economic impact of natural disasters which are made worse, and more frequent, by climate change,” President Jin said. “The enthusiasm for the deepening partnership between Brazil and AIIB is palpable. Much like the remarkable bounty of renewable energy resources that power Brazil, there is so much more potential for growth between us. Both Brazil and AIIB are united in our vision for sustainable development.”
“To address climate change, I would like to emphasize how key it is to have access to funding like the ones facilitated by AIIB,” said Vice President Alckmin. “Before, wind and solar energy infrastructure were expensive. Today, both are the cheapest energy sources in Brazil. We need to increase funding to make currently expensive solutions more viable and competitive, thus helping the planet.”
In a panel discussion with AIIB staff and representatives from bilateral and multilateral development partners and the private sector, President Jin and Vice President Alckmin highlighted the strong alignment between Brazil’s vision and AIIB’s strategic focus on nature as infrastructure. They noted medium-term plans to expand AIIB’s financing and technical support to Brazil’s physical, social and digital infrastructure.
President Jin and Vice President Alckmin also witnessed the signing of a memorandum of understanding indicating AIIB’s intention to support Brazil’s recovery efforts in the aftermath of the catastrophic floods that affected the southern state of Rio Grande do Sul, the worst in more than 80 years.
In addition, the Brazilian Development Bank (BNDES) and AIIB signed a Letter of Intent to facilitate collaboration between both institutions in the design of the BNDES-AIIB Program for Green and Sustainable Infrastructure. The potential external loan derived from the agreement will contribute to deepening cooperation on the areas of financing sustainable development and promoting regional cooperation, with the aim of supporting investments in green and sustainable infrastructure.
In relation to the G20 agenda, AIIB President Jin reiterated his support to Brazil’s call for “Bigger, Better and most effective MDBs,” and briefed Brazil Vice President Alckmin on the work he is doing alongside the rest of MDB Heads, to advance joint and systemic action. In particular, President Jin noted his strong interest in contributing AIIB’s experience and track record on important aspects of this agenda, such as mutual reliance on standards and lowering transaction costs for clients.
Brazil is one of AIIB’s Founding Members. To date, AIIB has approved three projects amounting to USD350 million in the country.
About AIIB
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 109 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.
