World Bank, AIIB pledge to deepen cooperation

The World Bank Group and the China-led Asian Infrastructure Investment Bank signed an agreement on Sunday to strengthen cooperation and knowledge sharing between the two multilateral financial institutions.

World Bank President Jim Yong Kim and AIIB President Jin Liqun signed the memorandum of understanding during the 2017 IMF/World Bank annual spring meeting in Washington.

The deal provides an overall framework for cooperation between the World Bank and the AIIB in a wide range of areas, including development financing, staff exchanges and analytical and sector work. It paves the way for the two institutions to further enhance coordination at the regional and country levels, according to a World Bank news release.