AIIB aims to allocate $50 bln for climate action by 2030 – VP

By Nada Ali On Sep 25, 2023

Ludger Schuknecht is responsible for AIIB’s relations with its members, the board of governors, the board of directors, other aspects of governance including the admission of new members and the integrity of the bank’s governance. Photo Credit: aiib.org

The Asian Infrastructure Investment Bank (AIIB) aims to increase its climate action funding to $50 billion by 2030, its Vice President Ludger Schuknecht stated in an interview with CNBC Arabia on Sunday.

Schuknecht noted that cooperation portfolio with Egypt has several projects, including bank guarantees for the Egyptian government’s issuance of yuan bonds in the Chinese market.

Egypt is hosting for the first time in Africa, the 8th annual meetings of the Asian Infrastructure Investment Bank (AIIB), starting from 25 to 26 September, in the Red Sea resort of Sharm El Sheikh.

The meetings will address sustainable finance in infrastructure through sustainable development bonds and tackle mobilising resources and providing creative finance to bridge the gap in funding infrastructure projects in the Middle East and Africa.