Japan Backed ADB to Cooperate with China Backed AIIB

The head of the Asian Development Bank (ADB) expressed enthusiasm to cooperate with the China-led Asian Infrastructure Investment Bank (AIIB), which is scheduled to be established by the end of this year, during a recent interview with the Mainichi Shimbun.

“We would like to offer our experience and know-how (to the AIIB) that we have built in the last 50 years since the birth of the ADB in 1966,” ADB President Takehiko Nakao told the Mainichi Shimbun in an interview.

Nakao also said he is eager to speed up structural reforms within his organization, such as reviewing bidding standards, to make sure that cutting-edge technologies will be more highly evaluated than ever. Nakao said such reform would help improve the quality of development projects that the ADB finances and raise the number of model projects for developing countries.

In addition to helping the AIIB find projects to finance, Nakao said the ADB was willing to provide the ADB’s know-how to the China-backed organization for making loans to eco-friendly projects that also ensure human rights.

“There are possibilities for former ADB officials and current employees to work at the AIIB, which will help share ADB’s policies with the AIIB,” Nakao added, suggesting ADB-AIIB cooperation through human resources.

via Mainichi

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza