The Asian Infrastructure Investment Bank (AIIB) and the European Investment Bank (EIB) agreed to broaden cooperation to support investment in "strategically important" projects.

The two institutions signed a framework of cooperation to expand partnerships in areas including the joint financing of infrastructure projects worldwide and the establishment of a regular dialogue mechanism between the two entities, according to a statement released by AIIB.

"AIIB was created with the goal of promoting regional cooperation and partnership in addressing development challenges, and we have a strong partner in EIB [...] we can be a steadying force in this complex global economic environment and create enduring positive development outcomes," said AIIB President Jin Liqun.

EIB President Werner Hoyer pointed out that international financial institutions play a crucial role in improving infrastructure, adding that the partnership enabled them to address challenges that no single institution can overcome alone, such as tackling climate change, ensuring sustainable transportation and providing clean water.

The AIIB and the EIB have already established a strong track record of cooperation, including through the sharing of technical and financial expertise.

The EIB is the long-term lending institution of the European Union owned by its member states. It is the world's largest lender for climate related investment and a global leader in issuing green bonds.

The AIIB is a multilateral development bank that focuses on the development of infrastructure and other productive sectors in Asia.

(Xinhua News Agency May 30, 2016)