AIIB Joins MDBs to Launch the First Joint Report on Financing the Sustainable Development Goals
The Asian Infrastructure Investment Bank (AIIB) joined a group of 11 multilateral development banks (MDBs) and the International Monetary Fund (IMF) in launching a first-ever joint report on financing the Sustainable Development Goals (SDGs).
The report is released at the end of a critical year, in which the COVID-19 pandemic threatens to reverse progress on the SDGs. In response, MDBs have collectively mobilized a global response package of USD230 billion between 2020 and 2021 to reduce the impact of the pandemic, of which USD75 billion will be directed to the world’s poorest countries before the end of 2020.
“The COVID-19 pandemic has reinforced the relevance of the 17 SDGs as a road map for inclusive, sustainable, green, and resilient recovery. In responding to the crisis, countries and their development partners have an opportunity to refocus on the SDGs,” the joint report says.
“Achieving the SDGs by 2030 will require significant increases in sustainable investments across multiple sectors. These are critical to foster inclusive growth and promote environmental sustainability,” said AIIB President and Chair of the Board of Directors Jin Liqun. “In times of crisis, in particular, sustainable infrastructure investment can be a catalyst for long-term growth and social development. AIIB continues to make joint efforts with peer MDBs and other development partners to mobilize financial resources to respond to the needs of our members.”
The joint report highlights collective and individual MDBs efforts to support countries to achieve all 17 of the SDGs. It showcases examples of how their financing directly contributes to advancing SDGs that empower people, protect the planet, foster prosperity for all and develop sustainable quality infrastructure. The report also emphasizes the critical importance of MDBs partnerships to deliver financing, knowledge and capacity building support for the SDGs.
In illustrating examples of AIIB’s contributions to financing multiple SDGs, the report highlights, among others, AIIB’s COVID-19 Crisis Recovery Facility as part of a swift response to its members’ needs, including health sector investments (SDG 3 Good Health and Well-being); the Bank’s Corporate Strategy setting a climate finance target of 50% of its financing approvals by 2025 to support clients’ climate action and response to climate change (SDG 13 Climate Action); investment in Kazakhstan’s Zhanatas 100 MW Wind Power Plant to assist the country to expand clean energy infrastructure (SDG 7 Affordable and Clean Energy); and a loan to Cambodia Fiber Optic Communication Network Co. Ltd. to enhance the country’s digital communications infrastructure (SDG 9 Industry, Innovation and Infrastructure).
The report concludes that MDBs must continue their efforts to invest in people and human capital, with a deeper focus on inclusion. They will step up their efforts to protect the planet, and promote green development and ambitious climate action reflecting the goals of the Paris Agreement on Climate Change. They must also work to strengthen resilience to shocks and stresses, in order to preserve prosperity and continue to promote sustainable infrastructure, including to foster digitization to support innovation and sustainability. They will continue to deepen their partnerships for the goals, including through knowledge sharing and common reporting on the SDGs.
“The MDBs are committed to working alongside all partner countries to help them emerge from this unprecedented crisis better positioned to achieve the SDGs,” the joint report says.
The 12 organizations partnering on the report are the African Development Bank Group, the Asian Development Bank, the Asian Infrastructure Investment Bank, the Council of Europe Development Bank, the European Bank for Reconstruction and Development, the European Investment Bank, the IDB Group, , the International Monetary Fund, the Islamic Development Bank Group, the New Development Bank, and the World Bank Group (World Bank, IFC, MIGA).
To read the full report, please click here.
The Asian Infrastructure Investment Bank (AIIB) is a multilateral development bank with a mission to improve social and economic outcomes in Asia. Headquartered in Beijing, we began operations in January 2016 and have now grown to 103 approved members worldwide. By investing in sustainable infrastructure and other productive sectors in Asia and beyond, we will better connect people, services and markets that over time will impact the lives of billions and build a better future.