As Ecns.cn reports, the Manila-based Asian Development Bank (ADB) is looking forward to cooperating closely with the Asian Infrastructure Investment Bank (AIIB), Director General of ADB's Strategy and Policy Department Indu Bhushan said in a recent exclusive interview with Xinhua.
Bhushan said that the ADB is willing to cooperate with the AIIB, with possible co-financing in some projects. The Articles of Agreement (AOA) for AIIB has been finalized and should be ready for signing by the end of June.
The China-proposed bank is scheduled to be launched by the end of the year with planned authorized capital of 100 billion U.S. dollars.
"We hope AIIB's projects will provide maximum social and economic benefits to the countries it assists. In a recent meeting with Liqun Jin, secretary general of the Multilateral Interim Secretariat on Establishing the AIIB, both ADB and AIIB reaffirmed the importance of environmental and social safeguards for projects, " Bhushan said.
ADB provides support for infrastructure, education, finance, agriculture, and health sectors across the Asia-Pacific region.
As Nikkei Asian Review reports, Japanese Prime Minister Shinzo Abe said his government and the Asian Development Bank will jointly provide $110 billion to finance "innovative" infrastructure in Asia. Innovation, Abe said, is necessary if Asia is to counter the challenges that wait ahead, such as the graying of populations and the ever-increasing demand for energy.
In a jab at the new China-led Asian Infrastructure Investment Bank, Abe said that "excessive economic activity by the government sector must not elbow its way past the diverse ideas of the private sector. We must not create a 'bad money drives out good money' type of market where counterfeit and pirated products displace advanced technologies.
"Creating quality. That is the Japanese way of operating."
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