(Photo 4: Located in Beijing, AIIB was formally established in December last year and started operation in January.)
BEIJING -- The Asian Infrastructure Investment Bank (AIIB) and Asian Development Bank (ADB) on May 2 signed a memorandum of understanding (MOU) to strengthen cooperation.
The agreement sets the stage for jointly-financed projects. Discussions have already begun about the co-financing of road and water projects.
The first of these projects is expected to be Pakistan's M4 highway, a 64-kilometer motorway connecting Shorkot to Khanewal in Punjab Province.
"I am delighted to take a further step forward in our partnership with ADB," AIIB president Jin Liqun said. "AIIB looks forward to deepening our already strong relationship and expanding our collaboration as we seek to address the significant infrastructure financing needs in the Asia region."
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