This file photo dated Jan 13, 2021 shows the headquarters building of the Asian Infrastructure Investment Bank (AIIB) in Beijing, capital of China. (PHOTO / XINHUA)

SHARM EL-SHEIKH — Ludger Schuknecht, the vice-president and corporate secretary of the Asian Infrastructure Investment Bank (AIIB), has said that the AIIB, which features high standards and strong governance, is committed to promoting connectivity and sustainable development.

Schuknecht said more and more countries wanted to do business with the AIIB, a "well-accepted member" of the global community. "They want to be our members and to be part of this community," the vice-president said Tuesday in an interview with Xinhua on the sidelines of the AIIB's two-day eighth annual meeting, which kicked off in the Egyptian resort of Sharm El-Sheikh on Monday.

Designed to guide AIIB's climate ambition from 2024 to 2030, the CAP brings together the principles governing the bank's climate financing while identifying crucial action areas that will steer AIIB's investments in support of its members

He noted that the AIIB is committed to supporting its members' sustainable development, adding that, in today's more challenging world, multilateral solutions based on global cooperation are more needed than ever for achieving sustainable growth.

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The vice-president described Egypt, the host nation of this year's AIIB annual meeting, also one of the bank's earliest members, as the bridge between Asia and Africa, saying it represents the mission and vision of the bank, which is to enhance connectivity across borders and promote sustainable infrastructure development.

"Besides promoting connectivity, climate financing to support green transition is another important priority in our corporate strategy," he added, referring to the bank's Climate Action Plan (CAP) launched on the opening day of its annual meeting.

"The CAP maps out our vision in this regard, including giving play to the private sector and mobilizing the private capital to help the world better adapt to climate change and mitigate its impact while protecting nature and biodiversity," Schuknecht added.

Designed to guide AIIB's climate ambition from 2024 to 2030, the CAP brings together the principles governing the bank's climate financing while identifying crucial action areas that will steer AIIB's investments in support of its members.

The 2023 AIIB Annual Meeting is widely considered a landmark event as it marks the bank's return to in-person gatherings since 2019 and its first-ever annual meeting on the African continent, indicating its growing commitment to co-financing sustainable infrastructure projects in Africa with peer multilateral development banks as well as extending the positive impact of building the infrastructure for sustainability beyond Asia.

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The AIIB is a multilateral development bank whose mission is to finance infrastructure projects that prioritize sustainability. It began operations in Beijing in January 2016 and has since grown to 109 approved members worldwide, three of whom were newly approved at this year's annual meeting.