AIIB partners with World Bank, ADB.
Global Banking News-April 18, 2016--AIIB partners with World Bank, ADB
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Global Banking News - 18 April 2016
The Asian Infrastructure Investment Bank (AIIB) is collaborating with the World Bank (WB) and the Asia Development Bank (ADB) and the three banks will approve the first lot of co-financed projects in June, Xinhua has reported.
'We are working with the World Bank and the ADB for co-financing. Maybe in June, we could have couple of projects approved by the World Bank, by the ADB, and by us,' AIIB president, Jin Liqun, reportedly said at an event hosted by the Asia Society Policy Institute.
'Infrastructure projects are very large. It's not a very good idea for one bank to spend USD2bn or USD3bn on one project,' Liqun said, adding that there is significant scope for cooperation among multilateral development banks. 'When we work together, we can actually help the host country improve its macro-economic policy environment,' he said.
In 2016, the AIIB expects to approve about USD1.2bn in financing. While there are huge demands for infrastructure in Asia, Liqun remarked that the AIIB has to 'be selective' and invest in good projects that meet its standards of 'financially sustainable, environmentally friendly and socially acceptable.'
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