The Asian Infrastructure Investment Bank (AIIB) and the OPEC Fund for International Development (the OPEC Fund) have signed a Memorandum of Understanding to expand their operational and strategic cooperation to finance global public and private sector projects, promoting sustainable, resilient, and high-standard infrastructure development.
“We look forward to further strengthening our collaboration with OPEC Fund and fostering a deeper partnership in exploring common strategic areas of interest,” said AIIB President and Chair of the Board Jin Liqun. “This MOU will allow AIIB and the OPEC Fund to leverage our respective resources to more effectively develop sustainable infrastructure projects. It will also enable AIIB to scale up efforts to unlock private capital for our Members to finance Infrastructure for Tomorrow.”
“We are very pleased to take our cooperation with AIIB to the next level,” said OPEC Fund Director-General Abdulhamid Alkhalifa at the agreement signing. “This MOU signals the ambition and preparedness of our institutions to deliver more by combining our experiences and resources. The size of the global infrastructure gap is so huge that all actors, public and private, must work together. Multilateral development banks play a particularly significant role because our lending is counter-cyclical and acts as a catalyst to mobilize additional investment.”
To date, AIIB and the OPEC Fund have co-financed five projects of more than USD1 billion in Bangladesh, Egypt, Nepal, Pakistan, and Uzbekistan. The MOU will allow the two institutions to identify co-financing and co-investment opportunities for projects and programs of common interest in infrastructure development of sectors such as energy, water, transport, and digital and social infrastructure in health and education.