AIIB to host 2024 global summit of ‘Finance of Common’

The Asian Infrastructure Investment Bank (AIIB) is set to host the 2024 global summit of 'Finance in Common,' a network comprising public development banks. This marks the first time the event will be held in Asia. The announcement was made during the COP28 climate talks in Dubai. In conjunction with the Inter-American Development Bank (IDB) and the Climate Policy Initiative (CPI), Finance in Common revealed the establishment of the 'Finance in Common Financial Innovation Lab.' 

This platform, slated to be operational in the first quarter of 2024, aims to enhance collaboration among development banks and facilitate increased mobilisation of climate finance.

The 'Finance in Common Financial Innovation Lab' represents a proactive step towards fostering greater synergy among development banks, with a specific focus on addressing climate-related challenges. 

Finance in Common said in a statement released during the COP28 climate talks in Dubai that it had also launched a platform with the Inter-American Development Bank (IDB) and think tank Climate Policy Initiative (CPI).

(With Reuters inputs)