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 of US$20 billion, will diminish his institution and that they were happy to work together.