AIIB CFO Andrew Cross on infrastructure, climate finance and lessons from the OPEC Fund

At the OPEC Fund Development Forum 2025 we caught up with Andrew Cross, Chief Financial Officer of the Asian Infrastructure Investment Bank (AIIB), to discuss how multilateral institutions can work together, and with the private sector, to close the global infrastructure gap. He also reflected on what AIIB has learned from peers like the OPEC Fund during its first decade of operations.

The infrastructure financing gap is US$15 trillion. How can we get more private sector onboard?  

If you think about the challenge of tackling climate change and inflation, it's enormous. The only way you can solve it is through partnerships – with development finance institutions (DFIs), international financial institutions (IFIs) and multilateral development banks (MDBs).  

You also need successful partnerships with the private sector. The size of the challenge means that even for AIIB – with US$100 billion of capital, 110 shareholders and three AAA ratings – this challenge is beyond what a single organization can do on its own. So we partner a lot with the private sector. By 2030 we're hoping to have half our projects financed by the private sector, so a 50/50 split between private and public sector.  

One of the tools we have is public-private partnerships. Where used appropriately with a clear regulatory regime and good sponsors, they’re excellent tools. But it's one tool in a whole menu that MDBs have. We're focused on infrastructure, which is one of the hardest assets to be involved in, but we know that the impact is massive. So we need a partnership with the private sector and a partnership among MDBs.  

 As a new institution, what have you learned from other MDBs like the OPEC Fund? 

What has AIIB achieved in 10 years? It's achieved 300 projects in 38 countries. It's very clear that AIIB is able to make its impact based on lessons that other institutions have provided us. For instance, the OPEC Fund has accumulated a high degree of expertise in  places such as Sub-Saharan Africa and Small Island Developing States and this is something we can also draw upon.

The OPEC Fund has been very clear on its mission, while adapting to the changing environment and using different tools. That's something that AIIB has picked up: You have to be focused on your clients and the regions you're working in, while also having a very strong balance sheet.  

Partnership Snapshot

The OPEC Fund and the Asian Infrastructure Investment Bank (AIIB) are deepening a growing partnership built on shared goals: closing the global infrastructure gap, mobilizing private capital and supporting sustainable development across Asia, Africa and beyond.

Following the signing of a Memorandum of Understanding in 2022, both institutions have worked to strengthen operational alignment, with ongoing dialogue focused on co-financing, joint project delivery and knowledge exchange.

The collaboration has already led to several sovereign and non-sovereign co-financed operations, with OPEC Fund contributions exceeding US$300 million to date - including support for the Chennai Ring Road and Mumbai Metro Line 5 in India, as well as projects in Egypt, Uzbekistan, Nepal and Bangladesh.