WORLD BANK, ASIAN INFRASTRUCTURE BANK SIGN FIRST CO-SIGNING FRAMEWORK AGREEMENT

WORLD BANK, ASIAN INFRASTRUCTURE BANK SIGN FIRST CO-SIGNING FRAMEWORK AGREEMENT

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– WORLD BANK, ASIAN INFRASTRUCTURE BANK SIGN FIRST CO-SIGNING FRAMEWORK AGREEMENT

-World Bank Ready to Alleviate Asia’s Infrastructural Challenges

-The Agreement Is Anticipated to Promote Bond between both Financial Institutions

WORLD BANK, ASIAN INFRASTRUCTURE BANK SIGN FIRST CO-SIGNING FRAMEWORK AGREEMENT

The World Bank Group and  Asian Infrastructure Investment Bank have on Wednesday, signed the first co-signing framework agreement between the two institutions.

Outlined in the agreement are the co-financing parameters of World Bank-AIIB investment project. Both institutions expect to jointly develop projects this year. The AIIB also expects to approve about $1.2 billion to join the World Bank in financing projects that could yield sizable shares.

For World Bank President Jim Yong Kim, it was an occasion worth delighted in. “I am delighted that today we are raising our partnership to a new level.”

WORLD BANK, ASIAN INFRASTRUCTURE BANK SIGN FIRST CO-FINANCING FRAMEWORK AGREEMENT
President, World Bank Group

“Signing this agreement enables our institutions to finance development projects together, and that is an important first step toward working with a new partner to address the world’s huge infrastructure needs. As the world’s multilateral development banks collaborate ever more closely, leveraging each other’s financing and expertise, the people who will benefit the most will be the world’s poor.” He claimed.

According to the  recent press release of the World Bank Group, some 1.2 billion people in the world lack access to electricity and 2.4 billion people don’t have access to basic sanitation services.

The World Bank Group invested $18.8 billion in infrastructure in the fiscal year ending June 30, 2015. The institution will leverage even more private finance through new partnerships, such as the Global Infrastructure Facility, and the growing portfolios of the International Finance Corporation and the Multilateral Investment Guarantee Agency.

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WORLD BANK, ASIAN INFRASTRUCTURE BANK SIGN FIRST CO-FINANCING FRAMEWORK AGREEMENT
Jim Liqun

On the other hand, the president of the AIIB expressed gratitude, “I am very pleased today to sign this co-financing agreement together with World Bank Group President Kim.”

 “The AIIB is very grateful for the generous and timely support offered by the World Bank Group throughout our establishment process, and we look forward to a long and fruitful relationship with the ongoing cooperation in project co-financing and other areas.” He added.

Currently, the World Bank and the AIIB are deliberating on certain projects in sectors that include Transport, Water and Energy, especially in Central Asia, South Asia and East Asia.

Under the agreement, the World Bank will prepare and supervise the co-financed projects in accordance with its policies and procedures in areas like procurement, environment and social safeguards.

WORLD BANK, ASIAN INFRASTRUCTURE BANK SIGN FIRST CO-SIGNING FRAMEWORK AGREEMENT

While the AIIB, which is located in Beijing, aims to enhance cooperation on a regional scale, in addressing development challenges by working with other multilateral and bilateral development institutions, it is anticipated that there would be a realistic advancement in sustainable economy, and infrastructural improvement in Asia.

WORLD BANK, ASIAN INFRASTRUCTURE BANK SIGN FIRST CO-SIGNING FRAMEWORK AGREEMENT