BAKU, Azerbaijan, November 14. At COP29 in Baku, Azerbaijan, the Asian Infrastructure Investment Bank (AIIB) and the Asian Development Bank (ADB) renewed their Memorandum of Understanding (MoU) to strengthen their cooperation on tackling some of Asia’s most pressing development challenges, Trend reports.
The document was inked by AIIB President Jin Liqun and ADB President Masatsugu Asakawa, reaffirming their shared commitment to climate action, regional connectivity, and the mobilization of private capital. This renewal of the MOU highlights the longstanding partnership between the two banks, setting out a framework for collaboration aimed at enhancing regional resilience and sustainable infrastructure development, in line with the strategic goals of both institutions.
“Strengthening our strategic partnership with ADB marks a pivotal step forward as the two Asia-focused development banks join forces to address the region’s infrastructure needs and lead climate transition efforts both in Asia and beyond,” said AIIB President Jin. “This enhanced MOU allows us to better leverage our combined expertise and resources, driving green, inclusive, and resilient growth across the region.”
ADB President Asakawa echoed the significance of the collaboration, stating, “Our deepened partnership with AIIB reflects a shared vision for sustainable development and connectivity across Asia, along with a collective responsibility to achieve ambitious climate goals. By working together, we can drive meaningful and lasting results for the people of our region.”
Under the renewed MOU, AIIB and ADB plan to develop a joint action plan focused on cofinancing and knowledge-sharing to accelerate impactful project delivery. This renewed partnership positions both banks to respond effectively to the challenges of a changing global landscape and to meet the growing needs of their member countries.