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.
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