European, Asian investment banks seek to renew cooperation

The European Investment Bank and the Asian Infrastructure Investment Bank are seeking to renew their cooperation to jointly finance projects and deepen regular strategic dialogues.

The EIB announced on Thursday that its president, Werner Hoyer, will lead a high-level delegation on a five-day official visit to China this week.

The bank says it was the first visit to China by a president of Europe's long-term lending institution since 2007, and provides an opportunity to strengthen cooperation between the European Investment Bank and Chinese partners support for investment in China, Asia and Europe.

"The EIB has worked closely with the Asian Infrastructure Investment Bank during its creation to share technical and financial experience," a news release said. "President Hoyer is expected to agree a new framework to build on this cooperation to streamline joint financing of projects and ensure regular strategic dialogue between the two institutions."

Up to twenty European countries have chosen to become the founding members of the AIIB, though the United States has not agreed.

China and European Union are in the process of negotiating a joint fund linked to the Belt and Road Imitative and the European Investment Scheme. But it is not clear whether Hoyer will touch on this topic during his visit.

The EIB says the visit will enable the European Investment Bank and Chinese partners to strengthen cooperation to support crucial investment in China and around the world. This includes working together to back climate-related investment.

"Tackling climate change is a global challenge and since 2010 has been the main focus of the European Investment Bank's engagement in China. China is a key partner for the European Union's bank and together we look forward to achieving our common goals in the years ahead.” said Hoyer ahead of the visit.

In Beijing Hoyer will meet Finance Minister Lou Jiwei and Foreign Minister Wang Yi, as well as Xu Shaoshi, Chairman of the National Development and Reform Commission, Hu Huaibang, Chairman of the China Development Bank and Jin Liqun, President of the Asian Infrastructure Investment Bank.

The European Investment Bank is the world's largest lender for climate related investment and global leader in issuing green bonds.

To contact the reporter: fujing@chinadaily.com.cn