Lux­em­bourg plans closer co­op­er­a­tion with AIIB

China Daily (Canada) - - BUSINESS -

LUX­EM­BOURG — Lux­em­bourg will work closely with the Asian In­fra­struc­ture In­vest­ment Bank (AIIB) to boost sus­tain­able in­vest­ment and im­prove re­gional con­nec­tiv­ity, its fi­nance min­is­ter said.

The na­tion’s fi­nance min­is­ter, Pierre Gramegna, made the com­mit­ment on Tues­day af­ter sign­ing a Me­moran­dum of Un­der­stand­ing with Danny Alexan­der, vi­cepres­i­dent and cor­po­rate sec­re­tary of the AIIB.

Fol­low­ing China, South Ko­rea and In­dia, Lux­em­bourg will host the AIIB’s 2019 an­nual meet­ing on July 12-13, 2019, mak­ing it the lender’s first an­nual meet­ing in Europe. The theme next year is “Co­op­er­a­tion and Con­nec­tiv­ity” in recog­ni­tion of the eco­nomic and so­cial ben­e­fits to be re­al­ized by en­hanc­ing con­nec­tiv­ity within and be­tween coun­tries and re­gions, in­clud­ing Asia and Europe.

Lux­em­bourg was the first Eu­ro­pean coun­try to join the AIIB as one of its 57 found­ing mem­bers.

The an­nual meet­ing will gather the AIIB’s gov­er­nors and di­rec­tors, along with del­e­ga­tions from mem­ber coun­tries, part­ner in­sti­tu­tions, busi­ness lead­ers, civil so­ci­ety and ex­perts from a range of fields, ac­cord­ing to Gramegna.

The Lux­em­bourg Fi­nance Min­istry es­ti­mates that 2,000 stake­hold­ers will dis­cuss the bank’s devel­op­ment plans, es­pe­cially on green fi­nanc­ing and sus­tain­able in­fra­struc­ture.

The sec­ond Asian In­fra­struc­ture Fo­rum will also be held as part of the an­nual meet­ing next year. In ad­di­tion, a se­ries of leadup events will take place in the first half of 2019 at the Lux­em­bourg Cham­ber of Com­merce and sev­eral other Eu­ro­pean mem­ber coun­tries of the AIIB.

“As a lead­ing global cen­ter of fi­nance and in­no­va­tion, we look for­ward to strength­en­ing co­op­er­a­tion on strate­gic in­vest­ments in sus­tain­able in­fra­struc­ture, es­pe­cially de­vel­op­ing in­no­va­tive fi­nanc­ing so­lu­tions, which will con­trib­ute to deeper in­te­gra­tion and stronger eco­nomic growth,” said Gramegna.

The idea is to lever­age Lux­em­bourg’s po­si­tion as an in­ter­na­tional fi­nan­cial cen­ter that can bridge in­ter­na­tional fi­nan­cial gaps, and more specif­i­cally be­tween Europe and Asia, he added.

“The po­ten­tial of sus­tain­able in­fra­struc­ture is not lim­ited to within the re­gion it is lo­cated, and fur­ther cross-bor­der co­op­er­a­tion will only strengthen in­ter­na­tional trade and con­trib­ute to fight­ing cli­mate change,” he said.

Liu Jia in Lux­em­bourg con­trib­uted to this story.

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