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AIIB not a threat, can cooperate: ADB president
What has happened?
The rise of China-led The Asian Infrastructure Investment Bank (AIIB) is not seen as a threat to Asian Development Bank (ADB) and in fact, both can cooperate to finance the large infrastructure funding needs, Takehiko Nakao, president of the ADB, said on Thursday.
China’s clout
- In 2016, China unveiled the international development bank as Beijing sought to change the unwritten rule of the financing game.
- With several large countries agreeing to join the bank, despite the United States’ reservation, it reflected China’s growing clout
Long-term strategy
- ADB has initiated a long-term ‘Strategy 2030’ to address the changing dynamics — the way Asian countries need finances to deal with poverty.
- The agency was looking at options on how to fund the ‘one-belt-one road’ initiative, which would connect China with the rest of Eurasia, and was open to collaborate with AIIB
Regional cooperation
- On the belt and road initiative (BRI), ADB has an MoU with the Chinese authorities about things to do together
- ADB happy to cooperate with BRI when there are appropriate projects because good connectivity is important
