W’ Bank, AIIB Sign Cooperation Framework

The World Bank Group President, Jim Yong Kim and the Asian Infrastructure Investment Bank (AIIB) President Jin Liqun have signed a memorandum of understanding (MoU) to strengthen cooperation and knowledge sharing between the institutions. The MoU provides an overall framework for cooperation between theWorld Bank Group and AIIB in common areas of interest, including development financing, staff exchanges, and analytical and sector work. It paves the way for the two institutions to further enhance coordination at the regional and country levels. “The World Bank Group has worked closely with our partners at the Asian Infrastructure Investment Bank since its inception,” Kim said. “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.” The World Bank Group and the AIIB had signed a Co-Financing Framework Agreement for investment projects a year ago. Since then, the AIIB and the World Bank have co-financed five projects, supporting power generation in Pakistan, a natural gas pipeline in Azerbaijan, and slum upgrading, dam safety, and regional infrastructure development in Indonesia.