European Investment Bank and Asian Infrastructure Investment Bank to strengthen cooperation

The logo of Asian Infrastructure Investment Bank (AIIB) is seen at its headquarter building in Beijing January 17, 2016. [Photo/Agencies]

The European Investment Bank and the Asian Infrastructure Investment Bank signed a framework of cooperation on May 30 to broaden cooperation to support investment in strategically important projects, seek to jointly finance projects and increase cooperation in countries where both institutions are active.

"I am delighted to sign this framework of cooperation with the European Investment Bank as a sign of our expanding partnership in addressing the monumental infrastructure financing needs around the world," said Jin Liqun, president of the Asian Infrastructure Investment Bank.

"AIIB was created with the goal of promoting regional cooperation and partnership in addressing development challenges, and we no doubt have a strong partner in EIB. Through joint efforts we can be a steadying force in this complex global economic environment and create enduring positive development outcomes," he said.

Werner Hoyer, President of the European Investment Bank, says that international financial institutions play a crucial role supporting long-term investment that improves crucial infrastructure, supports job creation and improves lives.

"I look forward to working together with President Jin and his team to address challenges that no single institution can overcome alone, such as tackling climate change, ensuring sustainable transport and providing clean water. The framework signed today will enable more effective cooperation between our respective institutions," he said.

The EIB and the AIIB have already established a strong track record of cooperation, including through the sharing of technical and financial expertise. The new framework, which was signed by President Jin and President Hoyer at the AIIB's headquarters in Beijing, will build on this cooperation, including through streamlining the joint financing of projects and ensuring regular dialogue between the two institutions.

EIB President Hoyer is currently on a five-day official visit to China, the focus of which is strengthening the EIB's partnership with China on addressing Climate Change. The EIB is the world's largest lender for climate related investment and the global leader in issuing green bonds.