Asian Infrastructure Investment Bank (AIIB) President Jin Liqun led a delegation of senior Bank staff to the 2024 IMF/World Bank Annual Meeting in Washington, DC, on October 23-26. The week was marked by impactful engagements with AIIB Members, civil society organizations and multilateral development banks (MDBs).
At the G30 International Banking Seminar, President Jin highlighted the resilience of emerging economies and their critical role in global growth. He underscored the importance of trade integration for development, voiced concern that gains from globalization are being threatened by rising trade restrictions, and urged global collective action to address the common threat of climate change. He called for continued multilateral cooperation as a counterbalance to geopolitical fragmentation, underscoring MDBs’ role in driving inclusive growth and climate action.
Jin emphasized AIIB’s support for the MDB reform agenda, including through innovative financial instruments such as the Bank’s new Climate-Focused Policy-Based Financing, through which AIIB Members can support their policy and institutional reform programs related to climate finance and transition to a low-carbon and climate-resilient future. Another way is supporting efforts to scale up local currency finance. Without affordable hedging instruments, many local private-sector projects will not be bankable.
Other events and meetings highlighted the Bank’s robust relationships with its partners, continued progress on mutual areas of cooperation, and AIIB’s role in shaping the global agenda.
Highlights
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Strengthened partnership with the World Bank Group and other MDBs. President Jin met with World Bank Group President Ajay Banga to discuss progress on the memorandum of understanding (MoU) between AIIB and the World Bank to enhance co-financing and knowledge sharing. They covered the banks’ mutual reliance on procurement and environmental, social and governance (ESG) standards, as well as innovative financial tools to enhance co-financing opportunities. The two leaders also advanced the discussions on Climate Policy-Based Loans, particularly in Benin and Côte d’Ivoire, as well as future opportunities in areas such as Egypt, Brazil and India.
AIIB Vice President and Corporate Secretary Ludger Schuknecht also met with World Bank Vice President and Corporate Secretary Mercy Tembon to discuss governance issues.
President Jin met with the Heads of MDBs, emphasizing AIIB’s commitment to advancing future priorities, such as expanding mutual reliance on ESG standards and accelerating private capital mobilization. President Jin also proposed that the next MDBs Heads Meeting be held back-to-back with the Finance in Common Summit (FiCS) co-hosted by AIIB and the Development Bank of South Africa (DBSA), with support from Agence Française de Développement (AFD) in Cape Town in February 2025.
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Supporting emerging economies’ sustainable development through collaborations. AIIB attended the launch of the Brazil Investment Platform (BIP), which will implement the Government of Brazil’s Ecological Transformation Plan and support the achievement of Brazil’s nationally determined contributions.
In a speech, President Jin lauded the initiative and expressed AIIB’s support for the platform: “At AIIB, we see a strong alignment between Brazil’s platform and our own priorities. The BIP’s focus on sustainable infrastructure, climate resilience and green financing resonates deeply with AIIB’s mission. We, too, are committed to supporting infrastructure that is not only sustainable but also resilient in the face of climate challenges…. AIIB is proud to be a partner in this journey, and we look forward to supporting Brazil in building a more sustainable and resilient future.”
At the G30 International Banking Seminar, President Jin focused on the global economic outlook as seen from emerging and developing economies who make up the majority of AIIB’s shareholders. They will be key drivers of global growth, as well as the global green transition, in the years and decades to come, he said. President Jin attributed the resilience of emerging economies to two key factors: First, their implementation of strong macroeconomic frameworks, including building up FX reserves, moving to more flexible exchange rates, developing domestic local currency debt markets and undertaking institutional reforms. Second, the integration of many emerging economies into global value chains, allowing them to benefit from globalization and move up the value chain. He voiced concern that the gains from globalization are being threatened by increased trade restrictions. He emphasized the importance of a judicious balance between supporting the growth of local industries and global cooperation and technology exchange to keep the avenues for trade, capital and knowledge to continue flowing.
According to President Jin: “At this critical juncture, the role of multilateral institutions like AIIB and forums like the G30 becomes even more essential. These institutions provide platforms for dialogue, cooperation and coordination, helping to bridge differences and align efforts toward common goals. By fostering multilateral collaboration, they can mitigate the adverse effects of fragmentation and ensure that no country is left behind.”
He added: “While the challenges of geo-economic fragmentation are significant, the continued efforts of multilateral institutions and MDBs offer a pathway to overcome these obstacles…. When it comes to the multilateral system, togetherness is our superpower…. By working together, we can maintain the momentum of globalization, drive sustainable development, and combat climate change. The strength of our cooperation will determine the success of our collective future.”
President Jin joined leaders from other MDBs in a symbolic gathering for the Global Alliance Against Hunger and Poverty. The Alliance, a key initiative under Brazil’s G20 Presidency, brings together MDBs and non-state actors to address food security and poverty through a structured approach across national, financial and knowledge-based pillars. MDBs like AIIB play a critical role by multiplying financing and providing concessional loans and technical expertise to maximize impact on Sustainable Development Goals. These activities signify AIIB’s dedication to global solidarity and the fight against poverty.
President Jin and AIIB senior leaders met with civil society organizations (CSOs) to discuss climate finance and a nature-based approach to biodiversity. AIIB reaffirmed its commitment to engaging meaningfully with CSOs across key areas, including climate resilience and biodiversity protection.
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Expressed commitment to MDB reforms. President Jin delivered a speech at the Emerging Markets Forum and was asked to participate as a lead speaker during the G20 Finance Ministers and Central Bank Governors (FMCBG) meetings.
According to President Jin: “AIIB fully supports the G20 MDB Roadmap and its proposed way forward. The comprehensive set of recommendations is highly pertinent and holds immense potential to contribute to the ongoing transformation process of MDBs.”
He added: “We endorse the recognition of the significance of enhanced collaboration between MDBs and public development banks, particularly within emerging markets. Acknowledging the importance of working together with these institutions underscores our shared commitment to addressing development challenges and maximizing the impact of our collective efforts.”
He highlighted these points:
- The importance of a well-defined division of responsibility between MDB boards and management to enhance the accountability and effectiveness of implementing MDB Roadmap deliverables.
- Exploring alternative funding mechanisms such as private-sector partnerships, bond issuance and other innovative financing strategies to address the need for MDBs to expand their capital without frequent shareholder requests.
- AIIB’s participation in dialogues with credit rating agencies to improve transparency and accuracy in evaluating MDBs’ financial strengths to advance global development goals.
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Deepening relationships. AIIB signed an MoU with the Saudi Fund for Development, laying the foundation for deeper co-financing opportunities with Saudi Arabia, focusing on projects in Central Asia, Southeast Asia and other priority regions. President Jin acknowledged Saudi Arabia’s contributions to AIIB’s Special Fund Window and emphasized the importance of this partnership for AIIB’s 10th Anniversary and upcoming leadership transition.
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Bolstered partnerships and collaborations. President Jin and senior staff engaged with representatives of various governments, MDBs and other institutions to strengthen partnerships, foster new business opportunities and reinforce its policy framework:
- Uzbekistan Deputy Prime Minister Jamshid Kuchkarov to discuss strengthening ties and deepening collaboration on regional initiatives.
- AFD Chief Executive Officer Remy Rioux on a new co-financing framework agreement to signify AIIB’s commitment to lowering costs and enhancing development impact for clients.
- Inter-American Development Bank President Ilan Goldfajn to discuss strengthening co-financing efforts in Latin America, with a focus on renewable energy and connectivity infrastructure.
- Standard Chartered Bank to reinforce AIIB’s collaborative efforts in innovative financing and local currency solutions.
- Arab Fund for Social Economic Development Chairman of the Board Badr Al-Saad to discuss areas of collaboration by tapping the Fund’s concessional resources to support common members.
- Bangladesh to reaffirm AIIB’s commitment to infrastructure development and readiness to support the government’s priorities, particularly in implementing the Project Readiness Criteria.
- Ethiopia on AIIB’s priorities in Africa, the recent IMF program and an upcoming visit.
- Indonesia on developing a Multi-year Rolling Pipeline (MYRP) following the new government formation and exploring opportunities in climate-focused financing and flood protection infrastructure.
- Jordan to express support for key infrastructure projects like the Aqaba-Amman Water Desalination Project and explore opportunities in cross-border energy projects.
- Luxembourg on how AIIB highly values its capital market capabilities to support emerging market capital needs.
- Netherlands to provide updates on recent activities and discuss potential co-investments through the Project Specific Window.
- Romania on opportunities for green projects and exploring financing possibilities as well as the importance of enhancing connectivity across Central and Eastern Europe.
- Rwanda to reiterate the Bank’s commitment and explore collaboration opportunities in the energy and transport sectors.
- Germany to explore collaborations with KfW and GIZ on infrastructure projects.
- Pakistan on AIIB’s commitment to supporting Pakistan’s infrastructure needs and diversification of funding sources.
- Engaged with the media. The AIIB delegation engaged with media including Politico and Devex to highlight the importance of collaborating with other MDBs to continue the progress on addressing climate change and supporting sustainable development across the globe.
