The renewed MOU was signed by AIIB President Jin Liqun and World Bank President Ajay Banga during the 2024 IMF and World Bank Spring Meetings in Washington D.C. It outlines a framework to deepen operational collaboration between both institutions in key areas of shared strategic importance, with the aim to enhance sustainable economic development and address global challenges.

"We are pleased to strengthen our partnership with the World Bank," said AIIB President and Chair of the Board of Directors Jin Liqun. "By working together, we can maximize our efforts in addressing climate change, improving social infrastructure and protecting biodiversity. This collaboration will enhance our collective impact and support our Members in achieving their development goals. Together, we can build a more sustainable and resilient future."

Building upon the previous MOU signed in 2017, the renewed agreement outlines enhanced areas of collaboration such as climate change, social infrastructure (with a focus on health), biodiversity and other mutually agreed areas that align with AIIB's mission of Financing Infrastructure for Tomorrow and the World Bank's Global Challenge Programs.

Under the renewed agreement, both institutions plan to continue sharing knowledge, ideas and lessons learned, while expanding joint activities and exploring diversified cofinancing options. The two institutions will also work toward standards harmonization, engaging in collaborative dialogues with stakeholders and periodically evaluating the effectiveness of their collaboration.