DUSHANBE, May 4, 2015, Asia-Plus – Press release issued by the Asian Development Bank (ADB) notes that the President of the ADB Takehiko Nakao, met with Mr. Liqun Jin, Secretary General of the Multilateral Interim Secretariat of the Asian Infrastructure Investment Bank (AIIB) on May 1 in Baku, Azerbaijan on the sidelines of ADB’s 48th Annual Meeting.
Mr. Nakao and his staff and Mr. Jin and his team reportedly discussed for an hour future collaboration including cofinancing, and confirmed their commitment to working together for Asia.
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, dedicates itself 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 Asia-Pacific region. In 2014, ADB assistance totaled $22.9 billion, including cofinancing of $9.2 billion.
The Asian Infrastructure Investment Bank (AIIB) is an international financial institution proposed by the government of China. The purpose of the multilateral development bank is to provide finance to infrastructure projects in the Asia region. The bank was proposed by China in 2013 and launched at a ceremony in Beijing in October 2014. The Articles of Agreement (AoA) would be finalized and open for signature by Prospective Founding Members (PFMs) from June 2015. The AoA is expected to enter into force and AIIB to be fully established by the end of 2015.
