Finance Secretary Benjamin E. Diokno represented the Philippines in the 8th Annual Meeting of the Board of Governors of the Asian Infrastructure Investment Bank (AIIB), which opened on September 25, 2023 at Sharm El Sheikh, Egypt.
With the theme Sustainable Growth in a Challenging World, the Annual Meeting serves as an avenue for AIIB Members to dialogue on the Bank’s strategic direction and initiatives, as well as the role of Multilateral Development Banks (MDBs) in promoting sustainable development.
President of the Arab Republic of Egypt H.E. Mr. Abdel-Fattah El-Sisi, delivered a keynote address, while AIIB President Jin Liqun; H.E. Dr. Mohamed Maait, Chair of the AIIB Board of Governors and Minister of Finance of the Republic Arabic of Egypt; H.E. Dr. Sri Mulyani Indrawati, AIIB Governor and Minister of Finance of the Republic of Indonesia; and H.E. Mr. Marko Primorac, AIIB Governor and Minister of Finance of the Republic of Croatia gave their respective remarks.
On the same day, Secretary Diokno spoke during the Governors’ Business Roundtable to exchange views on the role of MDBs in scaling up finance and supporting a just and effective transition towards low-carbon development.
In his intervention, Secretary Diokno cited the spillover effects of the COVID-19 pandemic, geopolitical tensions, extreme weather conditions, humanitarian disasters, debt vulnerabilities, and elevated inflation as speed bumps to countries’ development goals.
“In this context, MDBs are expected to scale up and reform their response to these global challenges,” he said.
As for the AIIB, Secretary Diokno said that the Bank has been responsive to its members’ needs, particularly through the Crisis Recovery Facility, where it is able to rapidly assist Members in delivering pandemic-related needs including establishing emergency health care, maintaining critical infrastructure expenditure, and financing post-pandemic recovery measures.
“We recognize the AIIB’s efforts in closely coordinating with its peer MDBs in developing co-financing operations, especially through policy-based loans,” he said.
Established in 2016 with headquarters in Beijing, the AIIB is a multilateral development bank focused on developing Asia by enabling its clients to build Infrastructure for Tomorrow (i4t) i.e. green infrastructure with sustainability, innovation and connectivity at its core.
