AIIB proposes joint use of World Bank's climate fund

The Asian Infrastructure Investment Bank (AIIB) has announced an initiative to expand access to the City Climate Finance Gap Fund, a climate fund managed by the World Bank (WB), AIIB Senior Partnership Officer Ping Yean Cheah said at a panel discussion at the 13th session of the World Urban Forum (WUF13) in Baku, Report informs.

"There is a pressing need to ensure joint access by multilateral development banks to the City Climate Finance Gap Fund, which is managed by the World Bank. Providing such access will enable additional co-financing from the AIIB and other partner organizations, significantly increasing the potential for implementing climate and urban development projects," Ping Yean Cheah added.