World Bank and AIIB to cooperate on investment

The World Bank will likely take the lead on initial projects jointly financed with China’s new Asian Infrastructure and Investment Bank, the head of the Washington-based multilateral lender said on Thursday, according to Reuters. The two institutions on Wednesday signed a framework agreement to co-finance projects, and the World Bank said they were currently discussing nearly a dozen projects in sectors that include transport, water and energy in Central Asia, South Asia and East Asia. AIIB, which was formally launched in January, expects to approve $1.2 billion in financing this year. The World Bank said joint projects will account for a sizeable share of that amount.