AIIB and EBRD streamline co-financing procedures
04/06/2021 | 07:36am EDT
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The Asian Infrastructure Investment Bank (AIIB) and the European Bank for Reconstruction and Development (EBRD) are streamlining their cooperation to promote economic development and investment across countries where both institutions are active.
A new co-financing framework agreement (CFA) that will enable the two banks to harmonise their operational policies and procedures was signed by EBRD President Odile Renaud-Basso and AIIB President Jin Liqun today. It will help achieve the highest social, environmental and legal standards.
The agreement will speed up the preparation of joint co-financed investment projects and their implementation. It will allow member-countries and clients to focus on preparing their projects on the basis of one set of specific requirements. This will improve the efficiency of investment operations and thus achieve lower costs for clients and a greater development impact in terms of the green economy, digitalization and inclusion.