Asian Development Bank President Takehiko Nakao said on Thursday the bank
would cooperate, rather than compete, with China-led infrastructure plans under
the Asian
Infrastructure Investment Bank (AIIB) and broader "One Belt One
Road" initiatives (OBOR).
Speaking at a news conference in Yokohama, eastern Japan, to kick off the
ADB's annual meeting, Nakao also said rising protectionism around the world was
not yet hurting growth in developing Asia.
"It's a good idea to connect countries and to promote activities in
this region. The ADB has been promoting this kind of activities," Nakao
said, when asked about how the ADB should deal with the OBOR.
"We can cooperate because we have similar ideas. I discussed this
issue with (Chinese Finance) Minister Xiao (Jie) and other senior officials of
China, and we can cooperate."
The ADB and the AIIB have agreed to co-finance three projects - two last
year and one this year, Nakao said.
The two lenders have discussed how they can use local currencies for
financing instead of dollars, how they can enhance expertise by their staff and
how they can secure environmental and social safeguards, Nakao said.
Asked how rising protectionism around the world is affecting Asia, Nakao
said he wants regional economies to keep the momentum alive to open up trade
for continued growth in Asia.
"I'd say it's too early to say protectionism is starting to harm
Asia," Nakao said. "We must make efforts to keep momentum for further
opening of our trade system."
Reuters*
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