The European Investment Bank and the Asian Infrastructure Investment Bank on Monday signed a framework agreement and agreed to broaden cooperation, in an accord seeking to jointly finance strategically important projects.

"The agreement is crucial to expand our partnership in addressing the monumental infrastructure financing needs around the world," said Jin Liqun, president of the AIIB.

Jin added that the AIIB was created with the goal of promoting regional cooperation and partnership to address development challenges. He said joint efforts between the two banks could be a steadying force in a complex global economic environment and create enduring positive developmental results.