AIIB eyes support for more PHL infrastructure

AIIB eyes support for more PHL infrastructure
PHILIPPINE STAR/ MICHAEL VARCAS

By Jenina P. Ibanez, Reporter

THE ASIAN Infrastructure Investment Bank (AIIB) is considering supporting climate-resilient infrastructure in the Philippines, its top official said.

“What I would like to highlight is that the Philippines has a huge need for basic infrastructure. Given the geography of your country, topography, and I think connectivity within the Philippines is very much important,” AIIB President Jin Liqun said at a press briefing on Tuesday.

“We need to ramp up our efforts to build the infrastructure with climate resilience so I’m looking forward to be working very closely with your government, with your private sector.”

AIIB will also cooperate with the Asian Development Bank and the World Bank, he added.

Mr. Liqun also announced the bank’s three-point approach to speed up climate financing.

“First, we will align our public and private financial flows with the goals of the Paris agreement by July 1st, 2023,” he said.

“The bank currently estimates its cumulative climate finance approvals will reach $50 billion by 2030. This amount would represent a fourfold increase in annual climate finance commitments since AIIB started publicly reporting the number in 2019.”

The bank will also put up initiatives to drive investment and mobilize private capital to accelerate low carbon growth.

Lastly, AIIB will integrate climate mitigation and adaptation measures into infrastructure investments.