The internationalization of the renminbi and the establishment of the AIIB (Asian Infrastructure Investment Bank) have also demonstrated China's success in today's global economic environment.
China has funded the establishment of the Silk Road Fund (SRF) and established the Asian Infrastructure Investment Bank (AIIB) with other participating countries.
By the end of June 2023, the fund had signed agreements on 75 projects with committed investment of about $22 billion; the number of AIIB members had reached 106, and the bank had approved 227 projects with a total investment of $43.6 billion.
Egyptian experts said the Asian Infrastructure Investment Bank (AIIB) has achieved international expansion and become more attractive to developing countries that need financing for their ambitious development plans.
They made the remarks in the run-up to the opening of the eighth annual meeting of the AIIB Board of Governors in Egypt next Monday and Tuesday, the first time this flagship event of the bank has been held in Africa.
The experts said the AIIB's global influence is on the rise as it finances various sectors with low-interest rates and credit facilities.
Waleed Gaballah, a member of the Egyptian Association for Political Economy, Statistics, and Legislation, told Xinhua that "the great demand from countries to join the bank, the financing packages it has provided, and the development projects it has funded are the greatest indications of the AIIB's success achieved in just a few years.
Gaballah noted that the event being held in Africa "represents an acknowledgment of the importance of the African continent in global development and the AIIB's intention to give priority to financing projects in Africa in the coming period.
He highlighted the cooperation between the AIIB and Egypt, one of the founding members and the largest African shareholder of the bank, on three basic pillars -- enhancing financial sustainability, stimulating the private sector's participation in economic activity, and enhancing women's economic empowerment.
The expert noted that the AIIB's investment in Egypt currently amounts to $1.3 billion, indicating that there are prospects for further increase, referring to the bank's involvement in a metro line project in northern Egypt's Alexandria, renewable energy projects, sanitation projects for Egypt's rural areas, etc.
Noting that the importance of green and sustainable finance can never be overstated, he said the UN should ensure that sustainable infrastructure becomes a worldwide priority, in order to collaborate, with financial support from international institutions such as the AIIB.
The UN should see an opportunity to work with the AIIB by creating more visible, inclusive and sustainable development.
Danny Alexander, vice-president for policy and strategy at the AIIB, said that as a multilateral development bank that was born amid the promise of the Paris Agreement, climate remains a key priority area for the AIIB.
On Monday, the AIIB signed an agreement with CIDCA to jointly accelerate the attainment of the UN's Sustainable Development Goals.
Based on the agreement, the AIIB and CIDCA will work jointly in addressing climate change to realize the 2030 Agenda for Sustainable Development.
CIDCA's resources will support the preparation and financing of AIIB projects, which are prepared to the highest international standards and in line with the AIIB's strategy and policies.
In the latest move, the AIIB board of governors has approved Mauritania's application, raising the bank's approved membership to 106.
Mauritania is now the AIIB's 55th member outside the Asia region, 21 of which are from Africa.
To date, AIIB has approved eight projects in Africa amounting to $1.58 billion.
Besides support for the infrastructure of its members, the AIIB has been boosting green development and innovation in financing tools.
In 2022, the AIIB's climate financing accounted for 55 percent of its total approved financing.
In June 2022, the AIIB issued 1.5 billion yuan ($223.55 million) of panda bonds on China's interbank bond market.
In March 2022, the AIIB announced that it had approved an extension of the COVID-19 Crisis Recovery Facility (CRF) until end-2023 to continue supporting the bank's members in overcoming their most pressing pandemic and recovery challenges.
The extension comes with an increase in the CRF's financing volume, raising the AIIB's total CRF financing from $13 billion to $20 billion.
China Daily talked with Erik Berglof, chief economist of the AIIB, on what developing economies should do to strengthen economic resilience, push for green development, address the challenges of high debt levels and respond to the impact of global monetary tightening.
What is most relevant to our bank is the message that China would continue to embrace multilateralism, China will continue to work with other members of the international community," said Jin at a media briefing on Wednesday on the sidelines of the seventh annual meeting of AIIB's board of governors.
"AIIB's priority is mobilizing the private sector capital as it becomes a leader in climate finance for sustainable infrastructure, with the goal of ensuring that 50 percent of overall approved financing by 2025 be directed towards climate finance, he said.
That is why AIIB is important to provide new resources to those countries that need its help at the most critical moment, he said.
Earlier this year, AIIB announced that its board of directors has approved the establishment of an interim operational hub, the bank's first overseas office.
AIIB plans to expand its global presence starting with a hub in Abu Dhabi, the capital of the United Arab Emirates.
"Starting with 57 founding members in 2016, AIIB now has a total of 105 members.
"The BRI, backed by the Asian Infrastructure Investment Bank (AIIB), has been connecting the world as a community of shared future for mankind, and China's development fruits have been shared and reached out to all countries around the globe," he said.
He said that AIIB has quickly adapted its lending program since early 2020 to respond to the immediate needs of governments and private sector.
To date, AIIB has lent over $7 billion to support health infrastructure, economic resilience, and liquidity constraints in developing countries in addition to the bank's normal lending infrastructure.
The mechanism was jointly initiated by the Asian Infrastructure Investment Bank (AIIB), China International Contractors Association, Deutsche Gesellschaft fur Internationale Zusammenarbeit (GIZ), the United Nations Environment Programme and the World Wide Fund for Nature (WWF) at last year's IIICF.
Additionally, international organizations associated with China, such as the BRICS, the Asian Infrastructure Investment Bank (AIIB) and the Shanghai Cooperation Organization (SCO) are also expanding.
Under the partnership, AIIB and the COP28 Presidency intend to co-develop innovative financial structures to scale up private and institutional capital mobilization.
This is an important step forward for AIIB in advancing the 2030 Agenda for Sustainable Development and goals of the Paris Agreement, said AIIB President and Chair of the Board of Directors Jin Liqun.
"It reflects AIIB's firm commitment to work with all development partners in creating innovative approaches, unlocking additional capital and delivering value where most needed," Jin said.
Commenting on the partnership, COP28 President Sultan Al Jaber said: "By working together with AIIB, we can find solutions to unlock the necessary finance, attract private capital and support mitigation and adaptation initiatives to build a climate-resilient future.
Liang Haiming, dean of the Hainan University Belt and Road Research Institute, said the establishment of the AIIB, NDB and other international financial institutions, has strengthened financial connectivity and collaboration between China and other BRI economies, thus contributing to global financial stability.
Looking ahead, China will encourage the World Bank, the Asian Development Bank, the AIIB and the NDB to channel more resources into BRI economies, the Ministry of Finance said in a reply to China Daily in July.
The AIIB and CIDCA — a Chinese governmental agency aimed at formulating plans and policies for foreign aid — signed a memorandum of understanding on Monday to jointly accelerate the attainment of the United Nations Sustainable Development Goals.
"I would anticipate that from this MoU signing on Monday, we will move very quickly to utilizing some of CIDCA's resources to support projects within the next year or two," Danny Alexander, vice-president for policy and strategy at the AIIB, told China Daily.
The bank will utilize some of CIDCA's grants for technical assistance or blended financing to accomplish more and better projects, especially for its lowest-income members, Alexander said, adding that there are already a number of AIIB projects underway that the bank has invited CIDCA to participate in.
Projects under the partnership will meet AIIB's high standards of environmental, social, economic and debt sustainability, Alexander said.
The cooperation comes as part of the AIIB's efforts to broaden its range of partnerships to support its members in meeting their climate and development goals.
"It really is incumbent on all the countries of the world and institutions like the AIIB to really increase our financing and to have the speed and the scale to deliver the change that is needed.
In 2022, the AIIB's climate financing was at 56 percent of total approved financing.
The new alignment, according to Alexander, means the other half of the AIIB's financing projects must also be aligned with the Paris Agreement.
"Despite the global context of intensified geopolitical uncertainties, Alexander said the AIIB has been "successful" in remaining focused on its development objectives.
AIIB's statement came after Pickard resigned alleging the institution was "dominated by Communist Party members".
We are proud of our multilateral mission and have a diverse international team representing 65 different nationalities and members at AIIB, serving our 106 members worldwide, many of whom have been with us since our formation in 2016," said AIIB.
The Bank of China (BOC) has assisted the Asian Infrastructure Investment Bank (AIIB) in successfully issuing 2.5 billion yuan ($349.33 million) of sustainable development panda bonds with a five-year maturity and a coupon rate of 2.7 percent, the BOC said Wednesday.
This is the second time that the BOC has assisted the AIIB in issuing such bonds in China this year.
In April, as the leading underwriter and book-runner, the BOC assisted the AIIB in the issuance of 1.5 billion yuan of sustainable development panda bonds with a five-year maturity and a coupon rate of 2.93 percent.
The program will expand AIIB's short-term funding options and demonstrate its agility in meeting investors' demand for sustainable investment through high-quality debt capital market issuance programs.
"We are excited to give our global investment community partners access to another high-quality, short-term debt instrument that will also help AIIB build on its strong development agenda," AIIB Treasurer Domenico Nardelli said.
"The program will address investors' demand and help AIIB optimize its liquidity management.
"The addition of the AIIB ECP program will bring a new funding channel to support AIIB in financing green infrastructure projects and help its members achieve their commitments under the Paris Agreement and targets under the UN Sustainable Development Goals.
The AIIB announced on Jan 9 its board of governors had approved Mauritania's application, raising its approved membership to 106.
Mauritania is the AIIB's 55th non-regional member, 21 of which are from Africa.
The AIIB has been firmly practicing multilateralism and always keeps its doors open to countries and regions dedicated to promoting economic and social development in Asia.
The rapid business growth is the catalyst for AIIB's global presence expansion.
Apart from supporting the infrastructure of its members, the AIIB has been promoting interconnectivity and green development through the innovation of financing tools.
"The AIIB will continue to shoulder the expectations from the international community, particularly developing countries, of promoting mutual development and improving global economic governance," said Jin Liqun, president of the AIIB.
He said that for quite some time, MDBs such as the AIIB have been working hard and continue to succeed in obtaining resources of all kinds.
Yet for AIIB, more efforts shall be made to innovate the ways of leveraging resources beyond traditional means and use resources with greater efficiency.
He also said that several development banks are facing capital shortages, and that AIIB is working on developing and innovating new tools to provide funds for development projects, particularly on projects relate to climate change.
While the issue of rising debt levels has caused short-term problems in some countries like Sri Lanka and Pakistan, it should be noted that a long-term concern has also emerged, said Erik Berglof, chief economist of the AIIB.
The AIIB will continue to firmly support developing economies in building the conditions for the net-zero transition and long-term economic growth, Berglof said.
The AIIB is now known for extending $2.9 billion, or 48 percent of the total financing approvals last year, to the field of climate finance.
In the Asian Infrastructure Finance 2022 report, the AIIB pointed out that emerging and developing economies are at risk of being left behind by the net-zero transition, unless urgent action is taken to build public sector's capacity in conjunction with the private sector.
"But I think luckily the AIIB is very well capitalized and we have the capacity.
"With rating agencies Fitch, Moody's and S&P having all reaffirmed the AIIB's AAA rating, the bank had very few nonperforming loans as at the end of last year, the bank said in its 2021 annual report.
What is most relevant to our bank is the message that China will continue to embrace multilateralism, and China will continue to work with other members of the international community," said Jin at a news briefing on Wednesday on the sidelines of the seventh annual meeting of AIIB's board of governors.
"AIIB's priority is mobilizing private sector capital as it becomes a leader in climate financing for sustainable infrastructure, intending to ensure that 50 percent of its overall approved financing by 2025 will be directed toward climate finance, he said.
Starting with 57 founding members in 2016, AIIB now has a total of 105 members.
A report published by AIIB on Thursday reveals an urgent need for a smooth and fair net-zero transition led by state-owned enterprises, state-owned financial institutions and private-public partnerships.
That is why AIIB must provide new resources to those countries that need help at the most critical times, Jin said.
In order to further improve its response to the needs of its diverse membership, AIIB is preparing to open an interim operational hub in Abu Dhabi, the United Arab Emirates, and plans to expand its global presence starting with the hub.
The Asian Infrastructure Investment Bank (AIIB) Board of Directors has approved the establishment of an interim operational hub, the bank's first overseas office, as the bank expands its global presence.
The preferred location for the hub will be Abu Dhabi in the United Arab Emirates (UAE), pending formal agreements during the coming weeks, according to the AIIB.
Starting with 57 founding members in 2016, the AIIB has a total of 105 members.
"This rapid growth is the catalyst for opening an office to bring the bank closer to its clients and the front lines of its business," the AIIB said.
The hub will provide the AIIB with a robust platform to enable supervision of its growing investment portfolio and strengthen its project monitoring and implementation services across the globe.
The hub also provides proximity to global financial centers and connectivity with the international infrastructure ecosystem, which is important to maintaining the AIIB's commercial momentum.
As one of the AIIB's founding members, the UAE is one of the region's fastest-growing economies and has been actively promoting green transition.
- The Asian Infrastructure Investment Bank (AIIB) has issued 1.5 billion yuan ($225.11 million) worth of panda bonds in China's interbank bond market.
The AIIB launched its first batch of panda bonds in 2020, raising 3 billion yuan.
Amid tight liquidity and rising financing costs in global markets, the issuance of panda bonds at a relatively low rate demonstrates recognition by market investors for the AIIB's AAA international credit rating, sound financial situation and high-standard operation and management, analysts said.
Jin Liqun, president of the Asian Infrastructure Investment Bank (AIIB), said that sometimes financial risks do not come from the financial system itself, while the external risks will affect the security of the financial system.
The Asian Infrastructure Investment Bank (AIIB) has approved the allocation of $1 billion to a project supporting post-disaster recovery in central China's Henan province.
"The project reinforces our commitment to work with our members to drive action on climate change," AIIB President Jin Liqun said.
"AIIB will continue to prioritize projects that enhance investments in climate adaptation and resilience to promote sustainable green infrastructure development and support our members in achieving their development goals," Jin said.
The board of governors of the Asian Infrastructure Investment Bank (AIIB) announced on Thursday that its seventh annual meeting will be hosted next year by Russia.
"With Russia as one of AIIB's largest shareholders, it is time for us to hold our annual meeting in such an important member," said AIIB Vice-President and Corporate Secretary, Ludger Schuknecht.
"Through this event, we expect to establish stronger connections with Russia's business and policy community to help AIIB better serve its members," he said.
He also noted that the AIIB has already made significant progress in high-quality infrastructure development that is crucial for the economic growth of all member countries in times of growing interdependence among regions.
To date, AIIB has approved two projects in Russia across the finance and transport sectors, totaling $800 million.
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