AIIB sets new model for international multilateral cooperation

The 10th Annual Meeting of the Asian Infrastructure Investment Bank (AIIB) Board of Governors was held in Beijing from June 24 to 26. Over the past decade, the AIIB has navigated mounting global development challenges with a steadfast commitment to enhancing infrastructure connectivity, advancing open cooperation, and upholding multilateralism. Its development offers a distinct paradigm for international financial cooperation and sustainable development, both within the region and globally.

Building on the momentum of this meeting, the AIIB has articulated its strategic priorities for the next phase of development. It will work to consolidate consensus among its members, injecting new vitality into global development, and fostering greater openness and collaboration in a world fraught with uncertainty and changes.

When the AIIB was launched, Chinese President Xi Jinping proposed making it a new type of professional, efficient, and clean multilateral development bank. Throughout its first decade, the AIIB has maintained international, rule-based, and high-standard operations, and embarked on a trajectory with a high starting point, high-quality development, and high-level cooperation, setting a new standard in global financial governance.

Founded in 2015, AIIB has grown from 57 founding members to 110 across six continents, covering 81 percent of the world's population and 65 percent of global GDP. It has approved over $60 billion in financing for 300 projects, leveraging more than $200 billion in infrastructure investment, benefiting 38 member economies within and beyond Asia.

On the capital markets side, it had issued over $54 billion equivalent bonds in multiple currencies as of the end of May, and has consistently maintained triple-A credit ratings from Moody's, S&P, and Fitch. Moody's, for instance, credited the bank's top rating to its strong financial footing, well-performing assets, and ample liquidity.

These impressive achievements stem from the bank's unwavering commitment to multilateralism, adherence to international rules, and dedication to high operational standards. Robert Zoellick, former president of the World Bank, once noted that the AIIB has set a good example in the world in terms of governance, transparency, international standards, and cooperation.

According to the AIIB's latest partnership report, over 131 of its more than 300 projects have been co-financed with other multilateral development banks, highlighting its open and collaborative approach and its growing role in promoting multilateral cooperation.

The AIIB has renewed memoranda of understanding with major institutions such as the World Bank, Asian Development Bank, and Islamic Development Bank. Actively engaged in G20 mechanisms, it contributes substantive perspectives to global financial governance. Its engagement with regional organizations, including participation in ASEAN summits, also reinforces its commitment to fostering regional connectivity networks.

Amid persistent global infrastructure gaps, the AIIB's commitment to the principle of "extensive consultation and joint contribution for shared benefit" is increasingly relevant in mobilizing development resources and minimizing duplicative investments.

Despite global economic headwinds and shifting dynamics in international trade, the AIIB remains project-driven and development-oriented, responding to the urgent needs of its members, especially developing countries.

In Egypt, the Abu Qir Metro Line in Alexandria eases congestion and curbs emissions, benefiting tens of thousands of commuters. In Uzbekistan, the Bukhara Region Water Supply and Sanitation Phase II project strengthens the local water supply system and enhances public health. In the Maldives, solar power and battery storage projects drive a green energy transformation. These tangible results have translated multilateral development cooperation into concrete local benefits.

As a founding member, major shareholder, headquarters host country, and development partner of the AIIB, China has consistently supported the bank's growth. It has worked with the bank to implement a number of high-quality projects and shared development experience with fellow members, and contributed to the AIIB's Project Preparation Special Fund and Concessional Financing Fund to support low-income members.

Looking forward, China calls for the AIIB to strengthen its capacity-building efforts, broadening international dialogue and cooperation, and better fulfilling its mission as a new type of multilateral platform. At a critical juncture in global development cooperation, the AIIB is well-positioned to make greater contributions. China is ready to work with all partners to support the bank's continued progress and contribute even more to infrastructure connectivity, sustainable development, and the building of a community with a shared future for mankind.