AIIB, ADB sign MOU on cooperation

The Asian Infrastructure Investment Bank (AIIB) and Asian Development Bank (ADB) on Monday signed a memorandum of understanding (MOU) to strengthen cooperation.

According to AIIB’s statement, the two financial institutions inked the MOU in the German city of Frankfurt, where the ADB is holding its 49th annual meeting of its board of governors.

The agreement sets the stage for jointly-financed projects. Discussions have already begun about the co-financing of road and water projects.

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