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View all search resultsWorld Bank ready to expand cooperation with China-led AIIB
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An International Monetary Fund building is seen in Washington DC on April 21. It is hosting delegations of 189 members for the 2017 Spring Meetings from April 18 to 23. (JP/Arif Gunawan S.)
T
he World Bank is getting more eager to expand its cooperation with the China-led Asian Infrastructure Investment Bank (AIIB) to help accelerate global development.
The AIIB initiative was officially launched by Chinese President Xi Jinping on a state visit to Indonesia in October 2013 and it signed several memorandums of understanding with the World Bank during the 2017 spring meetings in Washington.
“China is now taking leadership in world development. I think it is impressive. China has been stepping out, illustrating that it has concerns about development, not just in neighboring countries but also globally,” World Bank Group president Jim Yong-kim said during a press conference on Thursday.
He said that the World Bank had partnered with the AIIB to co-finance two major Indonesian projects. He did not elaborate on the projects. “We have a very close working relationship with the Chinese government and the AIIB,” he said.
The AIIB, located in Beijing, aims to promote regional cooperation in addressing development challenges by working with other multilateral and bilateral development institutions. It is expected to advance sustainable economic development and to improve infrastructure in Asia.
