World Bank and the Asian Infrastructure¹ Investment Bank (AIIB) signed a memorandum² of understanding here on Sunday to strengthen cooperation between the two institutions.

 

世界银行与亚洲基础设施投资银行周日签署了一份加强双方合作的理解备忘录。

 

Under the MOU, both sides agreed to cooperate on areas, including development financing, staff exchanges, and analytical³ and sector⁴ work.

 

"It paves the way for the two institutions to further enhance coordination⁵ at the regional and country levels," said the World Bank in a statement on Sunday.

 

The two institutions have already signed a co-financing framework agreement last April. Since then, they have co-financed five projects, namely supporting power generation in Pakistan, a natural gas pipeline⁶ in Azerbaijan, and slum upgrading, dam safety, and regional infrastructure development in Indonesia.

 

World Bank and AIIB are discussing more projects to be co-financed in 2017 and 2018, said the statement.

 

"Signing this memorandum of understanding fits into our vision of a new kind of internationalism," said Jin Liqun, President of AIIB. "We place a high value on our partnerships⁷ because by working together, we greatly increase our potential for positive outcomes in Asia," the statement quoted Jin as said.

 

"Collaboration⁸ between development institutions is essential to make the best use of scarce resources, crow in the private sector, and meet the rising aspirations⁹ of the people we serve," said Jim Yong Kim, president of the World Bank.

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