PHOTO
The Asian Infrastructure Investment Bank (AIIB) announced on Tuesday that it 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 said in a statement that CIDCA’s grants resources will support preparation and financing of AIIB projects and enable both parties to fully leverage each other’s respective strengths and support joint strategic priorities and activities related to the SDGs.
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.
AIIB is broadening its range of partnerships with bilateral agencies and in recent months has also signed memorandums of understanding with Germany’s KfW and the French Development Agency, the statement noted.
(Editing by Anoop Menon)
