BAKU, Azerbaijan, November 26. The Asian Infrastructure Investment Bank (AIIB) and the French Development Agency (Agence Française de Développement, AFD) have signed a groundbreaking strategic Co-Financing Framework Agreement at AIIB’s headquarters, TurkicWorld reports via the AIIB.
This partnership aims to strengthen their collaboration in advancing global sustainable development and promoting climate-resilient infrastructure projects.
The agreement, the first of its kind between AFD and a multilateral development bank (MDB), introduces a mutual reliance framework. This structure enables both institutions to capitalize on their respective expertise in specific sectors or countries, enhancing the effectiveness and efficiency of their joint development initiatives.
Over the years, AIIB and AFD have worked together on projects in Egypt, India, and Türkiye, primarily through parallel co-financing led by an MDB. The new framework streamlines procedures, ensuring faster responses to clients' needs and improving project preparation and monitoring.
"This agreement builds on the robust partnership between AIIB and AFD," stated an official announcement, referencing their Memorandum of Understanding signed in June 2023. That document set the stage for broader collaboration on shared priorities, including their joint efforts for the upcoming Fifth Finance in Common (FiCS) Summit.
With this new agreement, AIIB and AFD aim to mobilize critical investments, deliver innovative solutions, and contribute significantly to the global fight against climate change.
