AIIB, EIB agree to strengthen investment cooperation

TOKYO, May 30 (KUNA) — The China-led Asian Infrastructure Investment Bank (AIIB), of which Kuwait is a founding member, and European Investment Bank (EIB) agreed Monday to broaden cooperation to support investment in “strategically important” projects, China’s state-run Xinhua News Agency reported.
The two institutions signed a framework of cooperation to expand partnerships in areas including the joint financing of infrastructure projects worldwide and the establishment of a regular dialogue mechanism between the two entities, according to a statement released by AIIB.
“AIIB was created with the goal of promoting regional cooperation and partnership in addressing development challenges, and we have a strong partner in EIB,” AIIB President Jin Liqun was quoted as saying.
“We can be a steadying force in this complex global economic environment and create enduring positive development outcomes,” Liqun added.
For his part, EIB President Werner Hoyer pointed out that international financial institutions play a crucial role in improving infrastructure, adding that the partnership enabled them to address challenges that no single institution can overcome alone, such as tackling climate change, ensuring sustainable transportation and providing clean water.
AIIB and EIB have already established a strong track record of cooperation, including through the sharing of technical and financial expertise.
The EIB is the long-term lending institution of the European Union owned by its member states. It is the world’s largest lender for climate related investment and a global leader in issuing green bonds.
The AIIB, headquartered in Beijing, now has 57 members, including Kuwait, Saudi Arabia, Qatar, the United Arab Emirates, Oman, Britain and Germany.
Formally established last year, the AIIB is a multilateral development bank that focuses on the development of infrastructure and other productive sectors in Asia. (end) mk.mb

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