Laos’ Deputy Finance Minister, Phouthanouphet Saysombath, and his delegation attended the Asian Infrastructure Investment Bank (AIIB) Annual Meeting in Sharm El-Sheikh, Egypt on 25-26 September.
The theme of the Eighth Annual Meeting was “Sustainable Growth in a Challenging World,” which highlighted AIIB’s continued commitment to supporting the key infrastructure demands of its members, and alludes to the climate-centered global agenda, and the compounding challenges faced by itsembers.
The AIIB is a multilateral development bank and international financial institution that aims to collectively improve socio-economic outcomes in Asia. It is also the world’s second-largest multilateral development institution, which includes 109 member countries.
Discussion at the recent meeting focused on two key aspects for member countries, the AIIB’s role in supporting member countries amid uncertainties, with a focus on reducing carbon emissions by effectively promoting the transition to clean energy, and the development of transformational policies to create environmentally sustainable and eco-friendly infrastructure.
During his visit, Phouthanouphet and his diplomatic delegation also held talks with the Multilateral Cooperation Center for Development Finance (MCDF), a multilateral financial mechanism designed to promote high-quality infrastructure and connectivity investments in developing countries through effective partnerships. MCDF is currently under the administration of the AIIB.
The Lao minister expressed gratitude towards the MCDF for providing a USD-700,000 grant to Laos for the development of infrastructure projects.
The MCDF also reiterated its commitment to continuing support Laos in preparing to develop programs spanning multiple sectors, including interconnectivity, agriculture, and transportation. This assistance also extends to training related to project design and implementation.
The MCDF has expanded its collaborations with international financial institutions, international organizations, and development partners across several regions to raise funds for the benefit of developing countries.
