(MENAFN- Kuwait News Agency (KUNA)) WASHINGTON, April 23 (KUNA) -- The World Bank signed a Memorandum of Understanding (MoU) with the Asian Infrastructure Investment Bank (AIIB) to "strengthen cooperation and knowledge-sharing," it was announced Sunday.
The MoU, which was signed by WBG President Jim Yong Kim and AIIB President Jin Liqun, provides an overall framework for cooperation in common areas of interest and "it paves the way for the two institutions to further enhance coordination at the regional and country levels," the World Bank said in a statement.
On this occasion, Kim said that the Group has "worked closely with our partners at the Asian Infrastructure Investment Bank since its inception.
"We're already financing projects together from Azerbaijan to Indonesia, and I'm delighted to further strengthen our partnership," he added.
He affirmed that "collaboration between development institutions is essential to make the best use of scarce resources, crowd in the private sector, and meet the rising aspirations of the people we serve." For his part, the AIIB president said that signing the MoU "fits into our vision of a new kind of internationalism." "It deepens our relationship with the World Bank Group and sets up the mechanisms through which we can more easily collaborate and share information. We place a high value on our partnerships because by working together, we greatly increase our potential for positive outcomes in Asia," he remarked. (end) The newly-established Beijing-based AIIB aims to promote regional cooperation in addressing development challenges by working with other multilateral and bilateral development institutions. It is expected to advance sustainable economic development and to improve infrastructure in Asia. (end) si.hb
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