Latest news with #AsianInfrastructureInvestmentBank
Al-Ahram Weekly
2 days ago
- Business
- Al-Ahram Weekly
AIIB, Arab Fund seal strategic pact for sustainable infrastructure across Arab region - Economy
The Asian Infrastructure Investment Bank (AIIB) and the Arab Fund for Economic and Social Development signed a memorandum of understanding (MoU) on Tuesday, establishing a strategic partnership to scale up their cooperation and accelerate the delivery of transformative, climate-resilient, and connectivity-driven infrastructure in shared priority regions. The signing occurred on the sidelines of the Fourth International Conference on Financing for Development (FfD4) in Seville, Spain. President of AIIB Jin Liqun and Chairman and Director General of the Arab Fund Bader Alsaad signed the agreement. AIIB, founded in 2016, is a multilateral development bank with 110 approved members globally and a capital base of $100 billion. AIIB focuses on financing infrastructure-related projects. It also supports projects that enhance regional connectivity and promote sustainable economic development across Asia and other regions. The newly inked MoU sets a comprehensive framework for collaboration between the two institutions. It covers sovereign and non-sovereign co-financing, joint project preparation, and strategic priority alignment in areas such as climate resilience, cross-border connectivity, digital infrastructure, and sustainable urban development. 'This partnership with the Arab Fund represents a major milestone in our shared pursuit of sustainable development. By combining AIIB's infrastructure finance expertise with the Arab Fund's regional knowledge, we can jointly mobilize more capital, drive innovation in financing, and deliver projects that directly address climate, digital, and urban infrastructure challenges,' said Liqun. 'It will enable us to deliver on our mission to finance sustainable development across the Arab region. The partnership also aligns directly with the Sustainable Development Goals (SDGs). We aim to channel vital resources to priority infrastructure projects that catalyze long-term prosperity and sustainability in our member countries,' Alsaad stated. The Arab Fund, established in 1972 and headquartered in Kuwait, is a regional financial institution dedicated to advancing economic and social development across the Arab world. The fund provides loans, grants, and technical assistance for critical projects in infrastructure, health, education, water and sanitation, and public services. It also plays a key role in regional cooperation and integration through its development financing initiatives. With a focus on demand-driven, high-impact initiatives, the AIIB-Arab Fund partnership is expected to unlock large-scale financing for critical infrastructure projects in sectors including clean energy, transport and logistics, digital connectivity, water and sanitation, and urban development and resilience. The agreement also positions both institutions to enhance their support for countries facing elevated financing challenges due to climate vulnerabilities or regional instabilities. The collaboration aims to facilitate cross-border infrastructure solutions, such as transport corridors and energy grids, that enhance regional integration and promote inclusive economic growth. Follow us on: Facebook Instagram Whatsapp Short link:
United News of India
2 days ago
- Business
- United News of India
Eco-friendly public transport: TN CM Stalin flags off 120 electric buses
Chennai, June 30 (UNI) For the first time in Tamil Nadu, Chennai has got its green fleet. Providing a green thrust to public transport in the state, Chief Minister MK Stalin flagged off 120 ultra-modern low-floor disabled friendly electric buses here today as part of the first phase. Each bus, when fully charged, could travel up to 200 km. The buses with 39 seats are equipped with passenger amenities including seat belts, CCTV cameras, mobile charging points, emergency clarms and LED displays, providing information on bus stops. This initiative comes under the Chennai City Partnership Programme, Chennai Sustainable Urban Services with financial support from the World Bank and Asian Infrastructure Investment Bank. The Chief Minister also inaugurated the Metropolitan Transport Corporation's Rs 47.50 crore upgraded electric bus depot at Vasarpadi in North Chennai. Before flagging off the blue colour fleet, he inspected the facilities in the buses and interacted with the crew. The electric fleet buses for public transport would reduce environmental pollution by bringing down CO2 emission and vastly improve air quality in the city. The MTC would roll out 625 buses in the First Phase at a total cost of Rs 697 crore. For the initial first km, each bus would be running on diesel emissions of 755 grams of carbon dioxide. With the administration taking steps to establish the necessary infrastructure like charging and maintenance facilities, the new electric buses would be operated from five other depots. When charged fully, these buses could run up to 200 km. Further, they have been designed to be disabled-friendly with a ramp making them wheelchair accessible and secure anchorage points. UNI XC SSP
Yahoo
2 days ago
- Business
- Yahoo
Indonesian Finance Minister Sri Mulyani Indrawati on Budget Plans
Indonesia's finance minister Sri Mulyani Indrawati says the Southeast Asian country is on track to keep a modest budget deficit this year in an interview with Haslinda Amin. She speaks with Bloomberg Television on the sidelines of the annual meeting of the Asian Infrastructure Investment Bank in Beijing. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
RTHK
3 days ago
- Business
- RTHK
Chinese manufacturing activity edges up in June
Chinese manufacturing activity edges up in June The purchasing managers' index for China's manufacturing sector came in at 49.7 in June from 49.5 in May. File photo: Reuters The purchasing managers' index (PMI) for China's manufacturing sector came in at 49.7 in June, up 0.2 percentage points from May, official data showed on Monday. The figure remains below the 50-mark separating growth from contraction and is in line with a median forecast of 49.7 in a Reuters poll. The new orders sub-index rose to 50.2 from 49.8 in May, while the new export orders sub-index improved to 47.7 from 47.5. The PMI for the non-manufacturing sector, which includes services and construction, came in at 50.5, up 0.2 percentage points from May. Policymakers are confident they can push ahead with reforms launched late last year to transition the world's second-largest economy from a manufacturing-led model to a consumer-driven one, Premier Li Qiang told delegates at World Economic Forum and Asian Infrastructure Investment Bank meetings last week. Such a shift in the engines of growth could be progressed while maintaining strong growth, Li said. While the United States and China have settled on a framework trade deal, analysts expect eventual US tariffs to remain well above historic levels, maintaining pressure on exporters and officials to find alternative markets or boost domestic demand. Analysts in a Reuters poll forecast the private-sector Caixin PMI at 49, up from 48.3 a month prior. The private data will be released on Tuesday. (Xinhua/Reuters)
Kuwait Times
4 days ago
- Business
- Kuwait Times
AIIB membership opens new financing path for Kuwait
Move follows new public debt law, aligns with national infrastructure agenda: Analysts KUWAIT: Kuwait has officially joined the Asian Infrastructure Investment Bank (AIIB) as a full member, becoming the 111th country to join the China-founded multilateral lender. The announcement was made during the bank's 10th annual meeting, held in Beijing from June 24 to 26, where Kuwait was represented by Saad Al-Rasheedi, Director of the Department of International Economic Cooperation. The move is seen as a strategic milestone, aligning Kuwait's development financing agenda with one of the world's fastest-growing multilateral banks focused on sustainable infrastructure, energy, and digital connectivity. Kuwait's participation was formalized through Decree No 66 of 2025, ratified in early May. Kuwait's Ambassador to China, Jasem Al-Najem, welcomed the development, saying it will strengthen Kuwait's role in international partnerships, particularly in infrastructure, energy, and transportation. 'This step enhances Kuwait's global position in multilateral development financing,' he told KUNA. Founded in 2016 and headquartered in Beijing, the AIIB has grown into a key global player, with over 100 member states and more than $60 billion in approved infrastructure financing. The bank is expanding its presence in the Middle East, having opened its first overseas office in Abu Dhabi in 2023, and launching major partnerships with Saudi Arabia and the UAE. Green financing Although Kuwait has not yet received direct funding from the AIIB, its accession reflects a broader shift in its fiscal policy. In March 2025, the government enacted Law No 60 on Liquidity and Public Debt, introducing a KD 30 billion debt ceiling and enabling the issuance of sovereign instruments with maturities of up to 50 years. The law is designed to provide long-term financial stability and expand access to international capital. Finance Minister Noura Al-Fassam described the law as key to Kuwait's economic reform agenda. 'This marks a crucial step toward building a diversified and sustainable economy that benefits both the state and its citizens,' she told KUNA in March. Faisal Al-Muzaini, Director of Public Debt Management, said the new framework would help fund infrastructure and development projects—potentially in partnership with institutions like the AIIB—and boost Kuwait's profile as an investment destination. Commentary from Kuwaiti law firm ASAR in May noted that joining the AIIB signals Kuwait's intent to play a more active role in green financing and global infrastructure development, especially in priority sectors like renewable energy and power generation. Analysts say this complements the public debt law, which paves the way for blended financing models involving both traditional and multilateral sources. With a wave of Public-Private Partnerships (PPPs) being reactivated—such as the Zour North Phases 2 and 3 Independent Water and Power Plants and KDIPA's economic zones—AIIB membership is expected to provide both funding and technical support, ASAR analysts said. The move also reflects Kuwait's deepening ties with China. Over recent years, the two countries have signed multiple memoranda of understanding related to infrastructure, energy, and logistics—sectors that overlap with AIIB's core investment areas. Following GCC's lead Kuwait's accession comes as the GCC as a whole strengthens its relationship with the AIIB, which now includes all six Gulf countries as members. The bank's growing presence in the region reflects increasing demand for infrastructure investment that supports economic diversification, energy transition, and digital transformation—key elements in Vision 2035, Saudi Vision 2030, and UAE's Net Zero 2050. AIIB financing typically takes the form of sovereign loans, equity investments, and PPP arrangements, with a focus on financially sustainable, climate-aligned projects. The bank has committed to allocating at least 50 percent of its funding to climate action by 2025, aligning with global sustainability goals. Still, the AIIB has not escaped geopolitical scrutiny. While officially multilateral, the bank is heavily influenced by China, its largest shareholder with over 25 percent of voting power. This has raised concerns—particularly in Western policy circles—that the AIIB may serve as a tool for expanding Chinese influence through infrastructure diplomacy. Although the bank has taken steps to demonstrate independence—such as suspending operations in Russia and Belarus following the Ukraine invasion—skepticism persists over how political dynamics could shape future lending decisions. Still, in a world increasingly defined by multipolar financing ecosystems, Kuwait's participation in the AIIB offers a new avenue for advancing sustainable development goals, attracting foreign investment, and engaging with a shifting global economic order.
