AIIB and ADB signed a memorandum of cooperation

Almaty. May 3. Silkroadnews – Asian Infrastructure Investment Bank (AIIB) and Asian Development Bank (ADB) signed a memorandum of understanding to strengthen their cooperation, the newspaper “People’s Daily” reports.

Two financial institutions signed the memorandum in Frankfurt hosting ADB’s 49th Annual Meeting of the Board of Governors.

The agreement laid the foundation for implementation of the joint financing projects. Work has already begun on discussion of co-financing the projects on road construction and water resources.

In the memorandum the parties expressed their willingness to strengthen cooperation, including joint financing work, at strategic and technical levels.

Through the joint financing, knowledge sharing and policy dialogue with their member states AIIB and ADB intend to facilitate cooperation in the field of energy, transport, telecommunications, agriculture and rural development, water, urbanization and environmental protection.