World Bank, AIIB ink MoU

WASHINGTON: World Bank Group President Jim Yong Kim and Asian Infrastructure Investment Bank (AIIB) President Jin Liqun on Monday signed a Memorandum of Understanding (MoU) to strengthen cooperation and knowledge between the institutions.

The MoU provides an overall framework for cooperation between the World Bank Group and AIIB in common areas of interest, including development financing, staff exchanges, and analytical work. It paves  the way for the two institutions to further enhance coordination at the regional and country levels.

“The World Bank Group has worked closely with our partners at the AIIB since its inception,” Kim said. “We’re already financing projects together from Azerbaijan to Indonesia, and I’m delighted to further strengthen our partnership. Collaboration between development institutions is essential to make the best use of scarce resources, crowd in the private sector, and meet the rising aspirations of the people we serve.”

Published in The Express Tribune, April 25^th, 2017.

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