ADB to work with China-backed AIIB, says ADB president

Manila

THE US-backed Asian Development Bank (ADB) will cooperate with a major new Chinese-led multilateral lending institution, and they plan to co-finance projects this year, the ADB's president said on Friday.

The Beijing-based Asian Infrastructure Investment Bank (AIIB) has been viewed by some as a rival to the World Bank and the Philippines-based ADB, which was founded in 1966. But ADB president Takehiko Nakao said that he did not believe that the AIIB, which will launch next week with starting capital …