AIIB and ADB complement each other: official

Updated: June 22, 2017 Source: Belt and Road Portal
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The huge demand for infrastructure finance in the Asia-Pacific region means that the Asian Development Bank (ADB) and the Asian Infrastructure Investment Bank(AIIB) can cooperate and complement each other, says Zhang Wencai, vice president of the ADB, Xinhua reports.

“The two banks have great space for business cooperation in the region,” Zhang said.

According to the ADB’s report in February, the investment gap in Asia’s infrastructure construction will be US$1.7 trillion per year on average from 2016 to 2030. The total demand will exceed US$26 trillion.

Zhang said during the recently-held Astana Economic Forum that it is impossible for any country, institution or private sector to satisfy such financing needs alone.

Zhang noted that the AIIB can learn from the ADB’s experience in business and management, and the ADB can draw upon the AIIB’s innovation practices.

The two banks have signed cooperation memorandums and started cooperating in joint financing projects in countries including Pakistan and Bangladesh.

Zhang said he believes the active cooperation between the two banks will promote the development of the Asia-Pacific region and benefit various countries as well as themselves.

China is the largest shareholder of the AIIB and the third largest shareholder of the ADB. China can share its experience in infrastructure construction and reform with other developing countries through the two banks, Zhang added.

China will play an important role in the two financial institutions, he said.

The ADB can play a unique role in promoting implementation of the Belt and Road Initiative, said Zhang, explaining that the ADB can promote policy coordination among its members to facilitate trade and investment, which will help turn transport corridor into trade corridors and ultimately into economic corridors.

Editor: lishen