Latest news with #AIIB-backed
Malaysia Sun
16 hours ago
- Business
- Malaysia Sun
Interview: AIIB expands global reach through sustainable projects, innovation: Malaysian economist
Amid rising global economic uncertainty and growing protectionism, the strategic role of the Asian Infrastructure Investment Bank is highlighted in supporting bilateral and multilateral frameworks. KUALA LUMPUR, June 24 (Xinhua) -- Ten years after its launch, the Asian Infrastructure Investment Bank (AIIB) has emerged as a global force in infrastructure finance, driven by its focus on sustainable infrastructure, a culture of learning, and innovation, a Malaysian expert has said. "The AIIB was created to fill a major financing gap for cross-border infrastructure in Asia ... In infrastructure projects, it not only acts to bridge infrastructure financing gaps in Asia but also evolves into a proactive agent in climate finance and crisis response," said Chung Tin Fah, an economics professor at Malaysia's HELP University, in a recent written interview with Xinhua. Amid rising global economic uncertainty and growing protectionism, Chung highlighted the AIIB's strategic role in supporting bilateral and multilateral frameworks, which are increasingly gaining prominence as global arrangements face growing challenges from trade barriers, subsidies and fragmentation. "There is a role for the AIIB in this increasingly fragmented, uncertain and protectionist global world," he said, adding that AIIB-backed projects in Central Asia, ASEAN, Latin America, and Africa underscored the bank's expanding global reach. "Over the past decade, the AIIB has made remarkable progress, especially in leading climate finance, responding to crises, forming co-financing partnerships and enhancing regional connectivity," Chung noted. Looking ahead, Chung said that in light of a weakening global economic governance system and mounting pressure on multilateral mechanisms, the AIIB is well-positioned to deepen coordination and cooperation with regional institutions such as the Asian Development Bank and the New Development Bank. He noted that by upholding principles of openness, transparency and inclusiveness, the AIIB can help enhance financing efficiency and foster complementarity within the multilateral financial system. "Malaysia stands to gain immensely from its involvement in the AIIB, especially in areas aligned with national priorities like green infrastructure and innovation," Chung said. The AIIB's core priorities, such as green infrastructure, technology-enabled development, and private capital mobilization, are well aligned with Malaysia's development objectives, Chung added. Malaysia could take a more proactive role, especially in such areas as connectivity and renewable energy, he said, stressing Malaysia will benefit from its participation in the AIIB from a broader economic perspective.
Euronews
2 days ago
- Business
- Euronews
Marking a Decade of Development: What Next for the AIIB at 10?
The Asian Infrastructure Investment Bank (AIIB) celebrates its 10th birthday this week. Established to boost development across Asia, the Bank has financed more than 300 projects in 38 countries over the past decade, investing over $60 billion. We take a look at what the world's second-largest multilateral lender has achieved, what lies ahead, and what to expect as the bank meets in Beijing. A Decade of Impact Since launching operations in 2016, the AIIB has grown to 110 members, including major European economies such as France, Germany, Italy and the UK. Together, its members represent four out of five people on the planet and nearly two-thirds of global GDP. From clean energy and transport to healthcare and disaster resilience, AIIB-backed projects have contributed to: 28.5 million tonnes of carbon emissions being avoided each year. The installation of 21.3 gigawatts of renewable energy capacity. Nearly 1 billion people gaining - or set to gain - access to urban mass transport via roads, rail, or metro. Bridging the Infrastructure Gap The global infrastructure shortfall remains vast. From roads and rail to broadband and energy, the AIIB estimates Asia alone needs around $3 trillion a year to meet rising demand. Financing the infrastructure of tomorrow is central to the AIIB's mission: 'We believe it is the foundation upon which societies build sustained and inclusive prosperity, including for women and girls. Development finance is vital to solving the huge gap in infrastructure development that is holding back equitable growth and keeping people in poverty.' Despite a backdrop of rising geopolitical uncertainty, this year's meeting is themed 'Connecting for Development, Collaborating for Prosperity' - a message which underlines the bank's belief that multilateralism and international cooperation are essential to meeting the world's infrastructure needs. Getting Green Growth Financing sustainable infrastructure projects and helping developing nations meet their climate goals is a major priority for the bank. In 2024, 67% of AIIB financing was climate-related, up from 60% in 2023. This year's annual gathering is likely to see further support for clean energy projects, water security, and greener urban transport to make growth more sustainable and inclusive. A New President for AIIB Another key item on this year's agenda will be the election of the bank's new president - only the second in its history. The AIIB's incoming leader will succeed President Jin Liqun, whose second term ends in January 2026. 'The bank's next President will inherit a strong foundation: a clear mission, robust governance, a committed team and a growing track record of impact,' the Bank said. 'We're confident that AIIB's next chapter will be marked by the same values that brought us here - professionalism, multilateralism, innovation and a focus on delivering real results for our members.' A meeting that matters And finally, whether you live in Europe, Asia or beyond, infrastructure shapes how we travel, access energy, and respond to climate change. That's why the choices made in Beijing this week will play a crucial role in how large numbers of people power their homes, move around their cities, and adapt to our warming planet in the years ahead.
