AIIB, ADB Agree To Jointly Bankroll Infrastructure Projects In Asia

The President of the Asian Development Bank (ADB), Takehiko Nakao, with 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 01MAY.

The Asian Development Bank (ADB) has officially tied itself in with China’s forthcoming Asian Infrastructure Investment Bank (AIIB), and has confirmed that the two multilateral lenders will jointly bankroll infrastructure development projects in Asia, according to a press release from ADB President Takehiko Nakao.

Nakao met with 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 Friday.

Both sides held a discussion for an hour on 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,” Nakao said.

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

The Chinse-led AIIB has 57 founding members, 37 regional members and 20 non-regional members, of which two-thirds already belong to the ADB.

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.