Leaders of two of Asia-Pacific’s biggest and most influential multilateral institutions put pen to paper Monday, signing a landmark partnership deal that will pave the way for co-financing and joint technical assistance to address the region’s development issues.
The memorandum of understanding, signed by Asian Development Bank President Takehiko Nakao and Asian Infrastructure Investment Bank chief Jin Liqun at the sidelines of the ADB’s annual meeting in Frankfurt this week, serves as a show of cooperation between the two institutions. Analysts have previously touted the institutions as possible rivals for the region’s lucrative development space.
One of the first projects under the partnership agreement, as Nakao told Devex last week, will be a 64-kilometer road project connecting the Shorkot and Khanewal communities in Pakistan’s Punjab province.
Read more stories on ADB and AIIB:
► ADB at 50: Nakao on reform, reelection and revitalizing Asia-Pacific
► Asian Development Bank at 50: The bank's annual meetings through the years
► What to expect at the ADB annual meeting in Frankfurt
► Reforms making headways as ADB hits another lending record in 2015
About the author
Lean Alfred Santos@DevexLeanAS
Lean Alfred Santos is a former Devex development reporter focusing on the development community in Asia-Pacific, including major players such as the Asian Development Bank and the Asian Infrastructure Investment Bank. He previously covered Philippine and international business and economic news, sports and politics.
