‘ADB, AIIB can com­ple­ment each other’

New Straits Times - - Business -

YOKO­HAMA: The mas­sive needs for spend­ing on in­fra­struc­ture and sup­port for poverty al­le­vi­a­tion means the Asian Devel­op­ment Bank (ADB) can work with and not com­pete against China’s new in­fra­struc­ture lender, said ADB pres­i­dent Take­hiko Nakao yes­ter­day.

Speak­ing as the ADB be­gan its an­nual meet­ing yes­ter­day, here, Nakao said he hoped for more co­op­er­a­tion with the Bei­jing­backed Asia In­fra­struc­ture In­vest­ment Bank (AIIB).

“We can com­ple­ment each other,” said Nakao. “The fi­nanc­ing needs are so large, we don’t need to re­gard the AIIB as a ri­val. We can co­op­er­ate.”

He noted that the two lenders had al­ready agreed on three co­fi­nanc­ing projects.

The ADB has been led by Ja­pan and the United States since its found­ing in 1966, and China joined in 1986. Ja­pan and the US have not joined the AIIB.

The ADB has worked to fight poverty and sup­port the Asia-Pa­cific re­gion’s as­cent as a global cen­tre of growth, but poverty re­mains a daunt­ing prob­lem.

The 5,500 bankers and other lead­ers gath­ered here are as­sess­ing how they can sup­port growth as in­come in­equal­ity grows in both rich and poor coun­tries.

In the early days, the Mani­l­abased ADB lead­er­ship sought a role as a “fam­ily doc­tor” in sup­port­ing its mem­bers, who now num­ber 67, mostly in the farm sec­tor.

These days the bank is more fo­cused on lend­ing for a wide range of projects, pro­mot­ing good poli­cies and sup­port­ing so­cial sec­tor projects, in­clud­ing clin­ics and schools — in ad­di­tion to in­fra­struc­ture such as bridges and roads. AP

REUTERS PIC

The Asian Devel­op­ment Bank has been led by Ja­pan and the United States since its found­ing in 1966.

Newspapers in English

Newspapers from Malaysia

© PressReader. All rights reserved.