On Saturday 25 and Sunday 26 June 2016, Minister of Finance, Pierre Gramegna, participated in the first general meeting of the Asian Infrastructure Investment Bank (AIIB) in Beijing.

In recent months, the AIIB has concluded cooperation agreements with the Luxembourg-based European Investment Bank (EIB), as well as the European Bank for Reconstruction and Development (EBRD), of which Pierre Gramegna is the current chair. It has also approved funding for its firt four projects, amounting to a total of US$509 million.

During his speech, Minister Gramegna emphasised the complementarity between different multilateral banks, the interest of the example of the Juncker plan in Europe and of the collaboration with the EIB in this context, as well as the importance of investments in quality infrastructure projects to lay the foundations for sustainable growth.

He also highlighted the importance of collaboration with the private sector, and stressed that the referred infrastructure should include digital infrastructure, especially in view of the growth potential linked to the development of new technologies.

On the sidelines of the General Assembly, Pierre Gramegna held a working meeting with his Chinese counterpart, Lou Jiwei, to discuss the implications of "Brexit" and to take stock of bilateral relations between China and Luxembourg. He also had a meeting with Leslie Maasdrop, Vice President of the New Development Bank, to discuss potential cooperation opportunities. Finally, Pierre Gramegna met with representatives of Chinese companies, particularly from the private sector.

 

Photo by MINFIN