ADB, IMF, World Bank To Cooperate With China-Led Asian Infrastructure Investment Bank, Leaders Say

A flat-panel display shows International Monetary Fund Managing Director Christine Lagarde delivering a speech about “Monetary Policy in the New Normal” at a China Development Forum 2015 session in Beijing March 22, 2015. Reuters/Jason Lee     

The Asian Development Bank (ADB), International Monetary Fund (IMF) and World Bank all expressed support Sunday for the new kid on their block, a $50 billion multilateral lender led by China, which gave the financing operation most of the seed money upon its founding last year. Inside and outside the Asia-Pacific region, more than 30 countries are now members of the Asian Infrastructure Investment Bank (AIIB). Additional nations may join by a March 31 deadline, as BBC News reported.

The AIIB is designed to provide project loans to developing countries, with operations beginning by the end of this year.

ADB President Takehiko Nakao and China’s Finance Minister Lou Jiwei have conducted discussions about possible cooperation between the two regional lenders, they said at a China Development Forum 2015 session in Beijing, Reuters reported. At the same event, IMF Managing Director Christine Lagarde said her fund would be “delighted” to work with the AIIB, as there was “massive” room for cooperation on infrastructure financing in the Asia-Pacific region.

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  on March 22 2015

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