ADB and AIIB sign Cofinancing Framework Agreement for Sovereign Operations

So far, ADB and AIIB have cofinanced 5 projects, comprising 4 sovereign loans in Bangladesh, Georgia, India, and Pakistan, and one collaborative transaction in Myanmar through ADB’s Private Sector Operations Department.

Asian Development Bank (ADB) President Mr Takehiko Nakao and Asian Infrastructure Investment Bank (AIIB) President Mr Jin Liqun met today in ADB's headquarters and discussed a range of strategic and operational issues.

Mr Nakao and Mr Jin signed the Cofinancing Framework Agreement For Sovereign Operations that will guide overall cofinancing arrangements between the two institutions going forward, including regular meetings to discuss cofinancing matters.

So far, ADB and AIIB have cofinanced 5 projects, comprising 4 sovereign loans in Bangladesh, Georgia, India, and Pakistan, and one collaborative transaction in Myanmar through ADB's Private Sector Operations Department. Further cofinancing for sovereign and nonsovereign projects is being actively pursued.

ADB and AIIB signed the Memorandum of Understanding for Strengthening Cooperation in May 2016. ADB has shared with AIIB its experiences and practices regarding environmental and social safeguards, procurement, treasury operations, institutional issues, and governance.

Mr Jin's delegation also met and had close discussions with ADB vice presidents and senior staff from ADB's Office of Cofinancing Operations; Strategy, Policy, and Review Department; and regional departments.