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ADB for more cooperation to boost dev of Asia-Pacific

FE Online Desk | Published: January 26, 2018 18:43:37 | Updated: January 29, 2018 11:45:18


The Asian Development Bank (ADB) expects more cooperation with the Asian Infrastructure Investment Bank (AIIB) to boost the development of the Asia-Pacific region.

ADB resident mission in Dhaka, its Vice President Zhang Wencai said, "I'm quite confident that in the future we will explore more projects for co-financing between ADB and AIIB."

The AIIB is an international financial institution that mainly aims to support the building of infrastructure in the Asia-Pacific region and beyond.

Moody's Investors Service last year gave the China-initiated institution its highest possible rating, with a stable outlook.

Zhang said that since 2016, ADB and AIIB had co-financd four projects, including Bangladesh Natural Gas Infrastructure and Efficiency Improvement Project.

In sectors like transport, energy, and urban and rural infrastructure there are many opportunities for the two institutions to work together, Zhang added.

"I can say high-level discussions between the two banks have been quite pragmatic," he said, adding "both of us concentrate very much on the development of Asia and the Pacific. We share a lot of common interests in the region."

Infrastructure needs, together with climate change mitigation and adaptation costs, in developing Asia and the Pacific will exceed 26 trillion U.S. dollars from 2016 to 2030, or 1.7 trillion dollars per year, if the region is to maintain growth momentum, he added.

He said ADB and Bangladesh have been enjoying very good partnership since 1973.

"Until 2017, ADB has provided over 20 billion U.S. dollars of assistance for the country."

In 2017, he said, ADB provided about 1.9 billion U.S. dollars of loan and guarantee to Bangladesh, he said in a recent interview with Xinhua.

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