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World Bank joins AIIB on financing for joint projects
World Bank joins AIIB on financing for joint projects
WASHINGTON - World Bank and the Asian Infrastructure Investment Bank (AIIB) on Wednesdaysigned the first cofinancing framework agreement, paving the way for their cooperation on jointprojects this year.
The agreement outlines the cofinancing parameters of the World Bank and AIIB investmentprojects, said the World Bank in a statement.
In 2016, the AIIB expects to approve about $1.2 billion in financing, with the World Bank jointprojects anticipated to account for a sizable share, said the World Bank. But it did not givedetails of its share in the co-financed projects.
According to the statement, the World Bank and the AIIB are currently discussing nearly onedozen cofinanced projects in sectors that include transport, water and energy in Central Asia,South Asia and East Asia.
Under the agreement, the World Bank will prepare and supervise the cofinanced projects inareas such as procurement, environment and social safeguards.
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- Excerpts from China Daily
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