World Bank welcomes China's new bank in poverty fight| MENAFN.COM

Saturday, 25 June 2022 11:33 GMT

World Bank welcomes China's new bank in poverty fight

(MENAFN- The Peninsula) China's new development bank can have an important role in fighting extreme poverty if it establishes high standards for its projects, World Bank President Jim Yong Kim said yesterday.

Vowing to work with an institution resisted by the United States, Kim called the Beijing-led Asian Infrastructure Investment Bank "a major new player in development" that is a "potentially strong" ally in its own work to help development in the poorest countries. "If the world's multilateral banks, including the Asia Infrastructure Investment Bank and the New Development Bank, can form alliances, work together, and support development that addresses these challenges, we all benefit - especially the poor and most vulnerable," Kim said in a Washington speech.

"It is our hope - indeed, our expectation - that these new entries will join the world's multilateral development banks and our private-sector partners on a shared mission to promote economic growth that helps the poorest."

Despite Washington's resistance, China has received applications from more than 50 countries, including important US allies, to join the AIIB, which will aim at financing infrastructure development around Asia.

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