The AIIB is a multilateral financial institution led by China. (Photo : Getty Images)
The Asian Development Bank (A.D.B.) vice president expressed support for China's Belt Road Initiative as it recognizes a common goal for regional integration.
According to Zhang Wencai, the bank and China have "agreeable blueprints for the development in Central Asia, including enhancing economic and financial cooperation, as well as policy coordination based on dialogues, among others."
He said that both the A.D.B. and China implementing the Belt Road Initiative "is exactly what we are trying to do here".
In February this year, the bank submitted a proposal to the Chinese government for a 5-year country partnership strategy.
According to Ayumi Konishi, A.D.B. Director General for Southeast Asia, "There are other remaining and emerging development challenges the People's Republic of China (P.R.C.) faces that money alone cannot address. These include efforts to address remaining poverty and a rapidly aging society, and the need to balance rural and urban development."
The director added, "We will be supporting the P.R.C. using both knowledge and financial resources, including through policy- and results-based loans when appropriate, in accelerating reforms to enable the country to achieve stable and sustainable growth, which in turn will contribute to promoting the sound development of the regional and global economy."
In China, Zhang said that the bank and the country are both willing "to build connectivity will benefit all people, all countries in the region."
"The A.D.B. can contribute to a member country's initiative including the Chinese government's Belt and Road initiative," he noted.
"We also support projects in Kyrgyzstan for enhancing their connectivity with neighboring countries," he said.
The A.D.B. reported that a recent joint venture was formed between the A.D.B. and the Asian Infrastructure Investment Bank (A.I.I.B) to implement projects in Pakistan.
