MOU between World Bank and AIIB 'coming soon'

web_photo_World_Bank_24052016

United States, 24 May 2016 - A Memorandum of Understanding (MOU) between the World Bank and the Asian Infrastructure Investment Bank (AIIB) is likely to be finalized soon.

WASHINGTON – A Memorandum of Understanding (MOU) between the World Bank and the Asian Infrastructure Investment Bank (AIIB) is likely to be finalized soon, World Bank Country Economics Unit Senior Economist Gilles Alfandari told Sputnik.

“I’m not in charge of it, and I don’t have a deadline, but I think this is pretty advanced, so yes, that’s pretty soon,” Alfandari said when asked about the timing for the MOU on Monday.

Alfandari explained that the World Bank and AIIB are working together on an MOU, while other banks are working on developing their own avenues of cooperation with the AIIB.

The World Bank, Alfandari emphasized, is helping the AIIB set up its own systems and providing advice on transparency.

The AIIB is an international financial institution established in 2014 to invest in infrastructure projects in the Asia-Pacific region. The China-led bank has 57 members from Asia, Europe, Latin America, Africa and Oceania.

On May 2, the AIIB signed a Memorandum of Understanding with the Manila-based international Asian Development Bank.