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ADB prepared for cooperation with AIIB

Staff writer |
Asian Development Bank (ADB) is prepared to cooperate with the Asian Infrastructure Investment Bank (AIIB), the ADB president said.

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"Given Asia's huge infrastructure funding needs, establishing the AIIB to provide additional resources for infrastructure investments is understandable," ADB president Takehiko Nakao said in an official statement.

Nakao made the statement right after finance ministers or authorized representatives from 21 prospective founding members of AIIB signed the memorandum of understanding on establishing AIIB on Friday morning in Beijing.

Chinese Finance Minister Lou Jiwei said on Friday that the AIIB is open and welcomes all countries that are committed to Asia's development and global economic development.

Nakao stressed that it is important that AIIB adopt international best practices in procurement and environmental and social standards on its projects and programs.

"Once AIIB is formally established, ADB is prepared to consider appropriate collaboration in areas of common priorities," he added.

ADB, established in 1966 and with capital of 175 billion U.S.dollars and large skills base, has contributed to infrastructure building and social development in the Asia-Pacific region, the statement said.

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