The Asian Infrastructure Investment Bank (AIIB) has signed a memorandum of understanding with the China Agency for International Development Cooperation (CIDCA) to jointly accelerate the achievement of the United Nations Sustainable Development Goals (SDGs).
The AIIB and CIDCA will collaborate in the fight against climate change to make the 2030 Agenda for Sustainable Development a reality.
CIDCA’s donation resources will support the preparation and financing of AIIB projects prepared with the highest international standards and in line with the Bank’s strategy and policies.
This new partnership will also allow both parties to fully tap into their respective strengths and support joint strategic priorities and activities related to the SDGs.
“The AIIB is expanding its range of partnerships as we look to support our members in meeting their climate and development goals,” said Danny Alexander, AIIB Vice President of Policy and Strategy.
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“There is an urgent need to scale up finance for development and climate infrastructure and this partnership will help us do it.”
Earlier, the AIIB announced the alignment of its new investment operations with the objectives of the Paris Agreement. The Bank published its methodology for assessing alignment, which is consistent with low carbon and climate resilient development pathways.
The AIIB Corporate Strategy also sets targets for the Bank to increase its annual climate finance approvals to at least 50% of total approved finance by 2025.
In 2022, AIIB climate finance represented 56% of total finance approved, up from 48% in 2021, already exceeding the Bank’s 2025 target.
The AIIB is expanding its range of partnerships with bilateral agencies and in recent months has also signed MoUs with the German KfW and the French Development Agency.
