SPIRIT OF MUMBAI

Beijing, China —The Asian Infrastructure Investment Bank (AIIB) is doubling available funds under its COVID-19 Crisis Recovery Facility to provide USD5-10 billion due to high client demand. This follows   AIIB’s announcement to make USD5 billion available  to help public and private sector clients manage through the COVID-19 pandemic. Requests for funding have substantially exceeded the USD5 billion originally allocated for emergency relief. Based on client feedback, immediate assistance is required in three key areas: (1) to help alleviate health care pressures in the form of health infrastructure and pandemic preparedness; (2) liquidity support through on-lending facilities and credit lines via financial institutions to address working capital and liquidity shortages and (3) immediate fiscal and budgetary support, in partnership with other multilateral development banks, so governments can focus on addressing the human and financial impacts of COVID-19. “We are fac...

  Asian Development Bank (ADB) President Mr. Takehiko Nakao and   Asian Infrastructure Investment Bank   (AIIB) President   Mr. Jin Liqun   met today in ADB’s headquarters and discussed a range of strategic and operational issues. Mr. Nakao and Mr. Jin signed the Co financing Framework Agreement For Sovereign Operations that will guide overall co financing arrangements between the two institutions going forward, including regular meetings to discuss co financing matters. So far, ADB and AIIB have co financed 5 projects, comprising 4 sovereign loans in Bangladesh, Georgia, India, and Pakistan, and one collaborative transaction in Myanmar through ADB’s Private Sector Operations Department. Further co financing for sovereign and non sovereign projects is being actively pursued. ADB and AIIB signed the Memorandum of Understanding for Strengthening Cooperation in May 2016. ADB has shared with AIIB its experiences and practices regarding environmenta...