ADB to cooperate with AIIB

Manila, Philippines: Asian Development Bank (ADB) President Takehiko Nakao congratulated the founding members of Asian Infrastructure Investment Bank (AIIB), Jin Liqun, the first president of AIIB, and the staff of the Mulitilateral Secretariat who helped to set up the institution.

"The ADB will cooperate closely with AIIB to develop the Asia Pacific region, drawing on ADB's 50 years of experience and expertise and with the extensive network of 31 field offices in developing member countries," said Nakao.

Nakao met Jin twice last year, first in Baku in May during the ADB's Annual Meeting, and second in Beijing in September. They agreed on the need to fill the large infrastructure gap in the Asia and Pacific 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.

The ADB assisted the Multilateral Secretariat throughout last year to prepare the new institution's various operational policies such as guidelines for environmental and social safeguard and for procurement.

The ADB has started identifying potential co-financing projects with the AIIB in areas such as transport, renewable energy, and water supply. An ADB co-financed project would be among the first batch of projects to be financed by AIIB when it launches its lending operations by mid this year.

The ADB, based in Manila, is dedicated to reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth, and regional integration. Set up in 1966, it is owned by 67 members - 48 from the region.