DUBAI, UAE, Dec. 5, 2023 /PRNewswire/ -- President and Chair of the Board of Directors of the Asian Infrastructure Investment Bank (AIIB) Jin Liqun announced on the sidelines of COP28 that AIIB will host the fifth edition of the Finance in Common Summit (FiCS) in China in 2024. It will be the first time the Summit will take place in Asia.

"AIIB is delighted to be the host of next year's Summit and we look forward to fruitful discussions on collaborative solutions to global challenges," said President Jin. "This will give us another opportunity to get together to strengthen partnership and reinforce commitments in support of global actions for climate change and sustainable development."

AIIB formally joined the Finance in Common movement by signing the FiCS Joint Declaration during the Summit for a New Global Financing Pact in Paris earlier this year.

With the support of FiCS's General Secretariat and the Agence Française de Développement (AFD), the Summit will report on progress made on the implementation of the ambitious work program agreed in Cartagena, Colombia, notably in terms of financial innovation, knowledge sharing and capacity building.

"I am personally very grateful to our AIIB colleagues and President Jin Liqun for offering to take a leading role in the organization of next year's Summit," said Rémy Rioux, CEO of AFD. "Cartagena was a working summit. We will continue the hard work to make sure that the 2024 Summit brings solutions—it should be a Summit of Solutions."

The global network of public development banks needs to work as a system, forming an inclusive and seamless investment architecture for the Sustainable Development Goals. This was one of the realizations in Cartagena during the FiCS in September 2023. 

FiCS 2024 is expected to bring together representatives from public development banks, governments, the financial sector, civil society and media, among others, to facilitate in-depth conversations to build a more inclusive and sustainable global financial architecture.

About AIIB

The Asian Infrastructure Investment Bank (AIIB) is a multilateral development bank whose mission is financing the Infrastructure for Tomorrow—infrastructure with sustainability at its core. We began operations in Beijing in January 2016 and have since grown to 109 approved members worldwide. We are capitalized at USD100 billion and Triple-A-rated by the major international credit rating agencies. Collaborating with partners, AIIB meets clients' needs by unlocking new capital and investing in infrastructure that is green, technology-enabled and promotes regional connectivity.

About Finance in Common

Finance in Common is the global network of all Public Development Banks (PDBs), which aims to align financial flows on the 2030 Agenda and Paris Agreement for Climate Change. Its objective is to strengthen partnerships among PDBs to accelerate the convergence towards shared standards and best practices, to support banks' commitments to shift their strategies towards sustainability, and to give PDBs more visibility in the global fora discussing international policy issues.