Multilateral development banks (MDBs) are crucial in promoting economic growth through their project finance activities. Meanwhile, to address negative effects arising from their development projects, MDBs increasingly have focused their attention on the environmental and social impacts of their supported projects in recent decades. This article analyzes the relationship between the Environmental and Social Framework (ESF) adopted by the Asian Infrastructure Investment Bank (AIIB) and multilateral environmental agreements (MEAs). It argues that better compliance with MEAs by the AIIB and its borrowers in implementing AIIB-supported development projects will be achieved only if its independent accountability mechanism (IAM) can actively examine project compliance with the ESF in the light of MEAs. The AIIB has an opportunity to provide leadership in promoting the fulfilment of MEA obligations in development finance. However, this is contingent on ensuring effective oversight by its newly established IAM moving forward.

多边开发银行 (MDB) 通过其项目融资活动在促进经济增长方面发挥着至关重要的作用。同时，为了解决其开发项目产生的负面影响，近几十年来，多边开发银行越来越多地将注意力集中在其支持项目的环境和社会影响上。本文分析了亚洲基础设施投资银行（AIIB）采用的环境和社会框架（ESF）与多边环境协定（MEA）之间的关系。它认为，只有亚投行的独立问责机制（IAM）能够根据多边环境协定积极检查项目是否符合环境与社会框架，亚投行及其借款人在实施亚投行支持的发展项目时才能更好地遵守多边环境协定。亚投行有机会发挥领导作用，促进履行多边环境协定在发展融资方面的义务。然而，这取决于确保其新成立的 IAM 向前推进的有效监督。