ADB and AIIB Agree to Collaborate for Asia

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The FINANCIAL — The President of the Asian Development Bank (ADB) Takehiko Nakao, met with Mr. Liqun Jin, Secretary General of the Multilateral Interim Secretariat of the Asian Infrastructure Investment Bank (AIIB) on the sidelines of ADB’s 48th Annual Meeting on May 1.

Mr. Nakao and his staff and Mr. Jin and his team discussed for an hour future collaboration including cofinancing, and confirmed their commitment to working together for Asia, according to ADB.

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 safeguard policies on environmental and social impacts of projects.

“ADB will cooperate and cofinance with AIIB on infrastructure financing across Asia by using our long experience and expertise in the region,” said Mr. Nakao.

They agreed to continue sharing necessary information and further discuss concrete options for collaboration.

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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