Forum underlines cooperation on investment, finance, sustainability

China is ready to work with the international community to improve its development investment outlook as the world faces a global development financing gap amid growth uncertainties, an official said on Monday.

Zhao Fengtao, deputy head of the China International Development Cooperation Agency, made the remarks at a sub-forum on the theme of capital mobilization for sustainable infrastructure. The event was jointly hosted by CIDCA and the Asian Infrastructure Investment Bank.

Noting that 2023 marks the midterm evaluation year for the UN's Sustainable Development Goals, Zhao said China is willing to work with other countries to develop consensus and expects the UN to play a key role in promoting the UN 2030 agenda by bringing the development issues back to the center of global agenda.

"China will move steadfastly in implementing the Global Development Initiative and increasing resources for global development cooperation. We are also ready to share development opportunities with other developing countries," he said.

"China supports the optimization of the investment environment and looks forward to all parties working together to accelerate the construction of a justified and efficient financial governance framework and an open and transparent investment governance framework to create a stable investment environment for developing countries."

He also said China will effectively leverage the platform role of the projects portfolio of the GDI and continuously deepen cooperation with financial institutions as well as businesses from home and abroad, to provide financial and professional support to developing countries.

Global leaders expressed similar sentiments. Ban Ki-moon, former UN secretary-general, said financial institutions, governments and multilateral development banks are critical for risk sharing amid the current challenging times for global development.

Noting that the importance of green and sustainable finance can never be overstated, he said the UN should ensure that sustainable infrastructure becomes a worldwide priority, in order to collaborate, with financial support from international institutions such as the AIIB.Such an approach can help countries overcome the financing gap amid challenges.

The UN should see an opportunity to work with the AIIB by creating more visible, inclusive and sustainable development.

Danny Alexander, vice-president for policy and strategy at the AIIB, said that as a multilateral development bank that was born amid the promise of the Paris Agreement, climate remains a key priority area for the AIIB. He said the financial institution has become fully aligned with the Paris Principles as of July 1, and in 2022, it had delivered about $2.4 billion in climate finance, reaching its climate finance goal three years early.

On Monday, the AIIB signed an agreement with CIDCA to jointly accelerate the attainment of the UN's Sustainable Development Goals.

Based on the agreement, the AIIB and CIDCA will work jointly in addressing climate change to realize the 2030 Agenda for Sustainable Development. CIDCA's resources will support the preparation and financing of AIIB projects, which are prepared to the highest international standards and in line with the AIIB's strategy and policies.