Asia’s financial giants strengthen ties
Print Edition
THE Asian Infrastructure Investment Bank and Asian Development Bank yesterday signed a memorandum of understanding to strengthen cooperation, the former said in a statement.
The two financial institutions inked the deal in the German city of Frankfurt, where the ADB is holding the 49th annual meeting of its board of governors.
The agreement sets the stage for jointly financed projects and discussions have already begun about the co-financing of road and water projects. The first of these is expected to be Pakistan’s M4 highway, connecting Shorkot to Khanewal in Punjab Province, according to the statement.
Under the deal, the AIIB and ADB agreed to strengthen cooperation, including co-financing, at the strategic and technical levels on the basis of “complementarity, value added, institutional strengths and comparative advantages, and mutual benefit.”
AIIB President Jin Liqun said he was “delighted to take a further step forward in our partnership with the ADB.”
“The AIIB looks forward to ... expanding our collaboration as we seek to address the infrastructure financing needs in the Asia region,” he said.
“The ADB has been working closely with the AIIB throughout its establishment process,” said ADB president Takehiko Nakao.
“We will strengthen cooperation in the areas of sustainable growth, poverty reduction, and combatting climate change.”
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