There is no rivalry between the Japan-led Asian Development Bank and the China-led Asian Infrastructure Investment Bank, the head of the ADB said on Monday.
The amount needed for infrastructure in Asia is so big that the two multilateral lenders need to become partners to bridge the funding, said ADB President Takehiko Nakao.
“We need $1.7 trillion a year in addition to the current level of investment,” said Nakao in an interview with ANC’s The Boss.
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He said this amount was needed for infrastructure development and climate change mitigation measures.
ADB and AIIB have co-financed projects in Pakistan, India, Georgia, Bangladesh and Myanmar, the ADB chief said.
“I would say that the AIIB is more of a partner than a rival,” Nakao said.
In the Philippines, there is no project in the “immediate future” where the ADB and AIIB may engage as partners.
But Nakao said that eventually, the two multilateral may find a project that they can co-finance. He added that ADB and AIIB can both learn best practices from each other.
Nakao said he has met with officials from the AIIB in the ADB headquarters in Manila for two consecutive months, from December to January.
Last year, the Department of Finance said the AIIB had partnered with the World Bank to finance a $500-million flood control project in Metro Manila.