The FINANCIAL — Asian Development Bank (ADB) President Takehiko Nakao and Liqun Jin, President-Designate of the Asian Infrastructure Investment Bank (AIIB), met today in the offices of the Multilateral Interim Secretariat of AIIB in Beijing, the People’s Republic of China (PRC), to discuss deepening cooperation between the two institutions.
During the meeting, Mr. Jin thanked Mr. Nakao for ADB’s support for the AIIB Multilateral Interim Secretariat since their first meeting in Baku, Azerbaijan, during ADB’s 48th Annual Meeting in May 2015, particularly in the preparation of AIIB’s operational policies including procurement and environment and social safeguards. They renewed their commitment to working together for the development of Asia, and agreed to start the process to identify ADB’s future projects that AIIB may be able to cofinance, according to ADB.
“ADB will be happy to share with AIIB our long experience and expertise in the region, including support for regional cooperation and integration, sustainable and inclusive development, and climate change adaptation and mitigation,” Mr. Nakao said. “AIIB appreciates ADB’s support in this formative phase of its development. We look forward to working together with ADB and other development partners to deliver timely and efficient financing to meet critical infrastructure demand in the Asia Region,” Mr. Jin responded.
During their earlier meeting in May, they acknowledged the large infrastructure gap in the region, the critical role of infrastructure in supporting sustainable development and poverty reduction, and the importance of strong policies to ensure the environmental and social sustainability of projects.
Mr. Nakao extended an invitation to Mr. Jin to visit ADB Headquarters in Manila, Philippines, in the near future to deepen their partnership.
ADB, based in Manila, is dedicated to reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth, and regional integration. Established in 1966, it is owned by 67 members—48 from the region. In 2014, ADB assistance totaled $22.9 billion, including cofinancing of $9.2 billion.
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