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DUBAI, UAE, Dec. 5, 2023 /PRNewswire/ -- The Asian Infrastructure Investment Bank (AIIB) and the United Nations Development Programme (UNDP) have signed a Memorandum of Understanding (MoU) to strengthen collaboration in promoting sustainable infrastructure development and address development challenges in Asia and beyond.
AIIB is a multilateral development bank whose mission is financing the "Infrastructure for Tomorrow," infrastructure that is inclusive and sustainable socially, environmentally and economically. UNDP partners with people at all levels of society to help build nations that can withstand crisis, and drive and sustain the kind of growth that improves the quality of life for everyone.
"We are pleased to partner with UNDP, reflecting our shared commitment to sustainable infrastructure development and addressing challenges faced by the region," said Jin Liqun, AIIB President and Chair of the Board of Directors. "The region's effectiveness in rising to its unique climate challenges holds critical importance for the sustainability of all our societies. Through this partnership with UNDP, we will leverage our respective strengths and resources to drive positive change and make a lasting impact on the lives of people in Asia and beyond."
"This partnership with AIIB marks an important milestone in our collective efforts to achieve the Sustainable Development Goals," said UNDP Administrator Achim Steiner. "By joining forces, we can unlock new opportunities for financing sustainable development projects and promote innovative solutions that address pressing global challenges. Together, we will work toward a more inclusive and resilient future for the planet and its people."
The AIIB-UNDP agreement recognizes the two parties' shared objectives in supporting national climate goals and the 2030 Agenda through financing sustainable development initiatives in common members of operations.
Under the MoU, AIIB and UNDP plan to co-invest and leverage multilateral funding and private financing in developing countries, collaborate on measuring the impact of investments for climate goals and the SDGs and pursue joint technical assistance and exploration of innovative derisking instruments, knowledge sharing, joint advocacy and policy support work.
Operationally, such efforts may translate into both institutions exploring innovative financing solutions and developing a pipeline of programming opportunities that can be scaled up with AIIB financing.
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.
About UNDP
UNDP partners with people at all levels of society to help build nations that can withstand crisis, and drive and sustain the kind of growth that improves the quality of life for everyone. On the ground in more than 170 countries and territories, we offer global perspective and local insight to help empower lives and build resilient nations.
