(ECNS) -- China has signed a contribution agreement with the Asian Infrastructure Investment Bank (AIIB), donating $300 million (about $2184.69 mln) to its Bank’s Special Fund Window for less developed members, according to reports on Monday.
The Special Fund Window, approved by AIIB’s Board of Directors in 2022, aims to enhance the affordability of loans for its less developed members by providing interest-rate buy-downs.
It has played a crucial role in helping International Development Association members with constrained debt capacities access AIIB financing with increased concessional elements since inception.
Sufficient resourcing through the Fund enables AIIB to strengthen cooperation with bilateral, multilateral and philanthropic organizations, as well as mobilize additional concessional financing and maximize financial leverage, driving greater impact in less developed members.
Additionally, China and AIIB have signed a memorandum of understanding for the country to host AIIB’s 10th Annual Meeting in Beijing in June 2025.
It will be the second time the annual meeting has been held physically in China since the inaugural AIIB Annual Meeting in 2016, providing a platform for shareholders and stakeholders from around the world to discuss the bank’s priorities and reaffirm their commitment to financing resilient and sustainable infrastructure.
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