AIIB proposes joint access to World Bank climate fund

The Asian Infrastructure Investment Bank (AIIB) has proposed expanding access to the City Climate Finance Gap Fund, a climate financing facility managed by the World Bank.

The proposal was made by AIIB Senior Partnership Specialist Ping Yean Cheah during a panel discussion at the 13th session of the World Urban Forum (WUF13) in Baku, Caliber.Az reports, citing local media.

He said there was a growing need to ensure that multilateral development banks have joint access to the City Climate Finance Gap Fund, which is under the management of the World Bank.

“Providing such access would enable additional co-financing from AIIB and other partner organisations, significantly increasing the potential for implementing projects in climate and urban development,” Chea noted.

Cheah spoke at From Global Housing Finance to Local Action on Affordable Housing: Leveraging Global Development Finance and Subnational Financing, which examines specific data on housing operations implemented with the support of international financial institutions (IFIs).

By Bakhtiyar Abbasov