World Bank and AIIB sign first Co-Financing framework agreement
Posted on:15 Apr 2016 17:38:08
15 April 2016 Current Affairs GK: World Bank Group President Jim Yong Kim and Asian Infrastructure Investment Bank President Jin Liqun signed the first co-financing framework agreement between the two institutions.Some 1.2 billion people in the world lack access to electricity and 2.4 billion people don't have access to basic sanitation services. The World Bank Group invested $18.8 billion in infrastructure in the fiscal year ending June 30, 2015. The institution will leverage even more private finance through new partnerships, such as the Global, Infrastructure Facility, and the growing portfolios of the International Finance Corporation and the Multilateral Investment Guarantee Agency.
Agreement : The agreement outlines the co-financing parameters of World Bank-AIIB investment projects, and paves the way for the two institutions to jointly develop projects this year. In 2016, the AIIB expects to approve about $1.2 billion in financing, with World Bank joint projects anticipated to account for a sizable share. Under the agreement, the World Bank will prepare and supervise the co-financed projects in accordance with its policies and procedures in areas like procurement, environment and social safeguards.
World Bank: Since inception in 1944, the World Bank has expanded from a single institution to a closely associated group of five development institutions. Our mission evolved from the International Bank for Reconstruction and Development (IBRD) as facilitator of post-war reconstruction and development to the present-day mandate of worldwide poverty alleviation in close coordination with our affiliate, the International Development Association, and other members of the World Bank Group.
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