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World Bank, AIIB ink MoU to strengthen cooperation
World Bank Group president Jim Yong Kim and Asian Infrastructure Investment Bank (AIIB) president Jin Liqun signed a memorandum of understanding (MoU) on Sunday to strengthen cooperation and knowledge sharing between the institutions
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The World Bank Group president Jim Yong Kim answers a journalist's question during a press briefing in the Spring Meetings in Washington on April 23. (Courtesy of/http://www.worldbank.org)
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orld Bank Group president Jim Yong Kim and Asian Infrastructure Investment Bank (AIIB) president Jin Liqun signed a memorandum of understanding (MoU) on Sunday to strengthen cooperation and knowledge sharing between the institutions.
The MoU provides an overall framework for cooperation between the two institutions in common areas of interest, including development financing, staff exchanges, and analytical and sector work to further enhance coordination at regional and national levels.
“We’re already financing projects together from Azerbaijan to Indonesia, and I’m delighted to further strengthen our partnership. Collaboration between development institutions is essential to make the best use of scarce resources, crowd in the private sector and meet the rising aspirations of the people we serve,” said Kim.
In 2016, the two institutions signed a Co-Financing Framework Agreement for investment projects. Since then, they have co-financed five projects involving a power generator in Pakistan, a natural gas pipeline in Azerbaijan, slum upgrading, dam safety and regional infrastructure development in Indonesia.
In 2015, the World Bank Group and the Multilateral Interim Secretariat for the Establishment of AIIB signed a MoU for overall cooperation and knowledge exchange, which ended when AIIB was formally established.
“We place a high value on our partnerships because by working together, we greatly increase our potential for positive outcomes in Asia,” said Jin.
They are discussing projects to be co-financed in 2017 and 2018. In addition, the AIIB and the International Finance Corporation, a member of the World Bank, have co-invested in a power sector project in Myanmar.
