World Bank chief Jim Yong Kim says lender 'ready to work' with AIIB
Global lender's chief says there are co-financing opportunities in infrastructure to end poverty
World Bank president Jim Yong Kim yesterday underscored his organisation's readiness to cooperate with the Beijing-led Asian Infrastructure Investment Bank (AIIB), while downplaying concerns over Chinese financial reform efforts in the wake of weeks of stock volatility.
"We welcome the AIIB, and we welcome especially China's leadership in establishing this new multilateral institution," Kim said at the end of his three-day trip to China.
"We need new investors in infrastructure, and we think that the AIIB will be an important new partner."
The planned establishment of the AIIB later this year with 57 founding members has been seen by many observers as an effort by Beijing to try to diminish the influence of established development banks like the World Bank and the Asian Development Bank on the international financial system. Kim said he discussed collaboration with the AIIB, including co-financing specific projects such as those involving bridges, roads and water treatment plants.
"The AIIB will join us and other development banks in addressing huge infrastructure needs that are critical to ending poverty," he said.
Kim also commented on China's economy and reform measures, including efforts by the government to calm the country's volatile stock markets.