World Bank reiterates willingness to cooperate with AIIB

WASHINGTON - World Bank President Jim Yong Kim said on Thursday that the bank looks forward to enhancing cooperation with the Asian Infrastructure Investment Bank (AIIB).

When meeting with AIIB President-designate Jin Liqun, Jim said "I look forward to further strengthening our existing strong relationship and identifying specific areas of future cooperation, including co-financing opportunities."

Jin made his debut in Washington on Wednesday, saying the AIIB is not a rival to the World Bank and other existing multilateral development banks but is cooperating with them very smoothly.

"Hopefully the AIIB will also be a boost to the reform process in those institutions," he added when making a speech at the Brookings Institution, a Washington-based think tank.

He said the China-led multilateral institution will be built into a new type of development bank with "21st century governance."

The World Bank said in a statement on Thursday that it has been providing extensive assistance to the AIIB to help it get ready for business.

The two institutions share the goal of providing financing for much-needed infrastructure to help countries boost their economies, improve services for their people, create jobs and reduce poverty, according to the statement.

The AIIB has 57 prospective founding countries including several US allies and will have an authorized capital of $100 billion. It is expected to start operation at the end of this year.