AIIB’s Role as a PDB
AIIB is a multilateral development bank that was founded in 2016 with the mission of improving social and economic outcomes in Asia and beyond. AIIB has 103 members, including 21 non-regional members, and has invested in 243 projects worth over USD 47 billion in various sectors, such as energy, transport, water, urban, and digital infrastructure. AIIB is committed to supporting the Paris Agreement and has set an ambitious target of ensuring that 50% of its overall approved financing by 2025 will be directed toward climate finance. AIIB also strives to mobilize private capital for infrastructure development and to promote cross-border connectivity and regional cooperation.
As a PDB, AIIB plays a key role in bridging the gap between public and private financing, catalyzing innovation and transformation, and enhancing the quality and impact of infrastructure investments. AIIB’s President and Chair of the Board of Directors, Jin Liqun, said: “To reach the scale of financing required to meaningfully address the infrastructure financing gap calls for international support to mobilize funds from all sources. We will continue to provide Members with tailored financing solutions that support the development of infrastructure asset markets and continuously promote the channeling of capital towards Paris-aligned investments.”
The Global Summit of PDBs
The global summit of PDBs is a biennial event that brings together representatives from over 450 PDBs around the world, as well as other stakeholders from the public and private sectors, civil society, academia, and media. The summit provides a platform for PDBs to share best practices, exchange knowledge, and explore new opportunities for collaboration and partnership. The summit also aims to enhance the visibility and recognition of PDBs as key actors in the global development agenda and to advocate for their interests and needs.
The first global summit of PDBs was held in Paris in November 2020, under the auspices of the French Development Agency (AFD) and the International Development Finance Club (IDFC). The summit, which was held in conjunction with the Finance in Common Summit, resulted in the adoption of the Joint Declaration of Public Development Banks, which outlines the common vision and principles of PDBs to support the recovery from the COVID-19 pandemic and the transition to a low-carbon and resilient future. The summit also launched several initiatives and coalitions to foster cooperation among PDBs on various thematic areas, such as climate action, biodiversity, gender equality, health, and social infrastructure.
The 2024 Summit in Dubai
The second global summit of PDBs will be hosted by AIIB in Dubai, United Arab Emirates, in 2024. The summit will coincide with the 10th anniversary of AIIB’s establishment and the 28th Conference of the Parties of the UNFCCC (COP 28), which will also be held in Dubai. The summit will build on the outcomes and achievements of the previous summit and will focus on the theme of “Infrastructure for Tomorrow”, which reflects AIIB’s commitment to sustainability in all its forms.
The summit will also showcase AIIB’s innovative and impactful projects and initiatives, as well as its contribution to the COP 28 Presidency’s Action Agenda, which is focused on fast tracking the just transition, transforming climate finance, putting nature, people’s lives and livelihoods at the heart of climate action and mobilizing for an inclusive COP.
AIIB’s Vice President and Corporate Secretary, Sir Danny Alexander, said: “We are honored and excited to host the second global summit of PDBs in 2024. This will be a great opportunity for AIIB to demonstrate its leadership and vision as a PDB, as well as to strengthen its collaboration and partnership with other PDBs and stakeholders. We look forward to working with our co-organizers and partners to make the summit a success and to advance the global development agenda.”
