AIIB, Asian Development Bank plan to expand joint work on urban projects

The Asian Infrastructure Investment Bank (AIIB) and the Asian Development Bank (ADB) have expressed their willingness to expand collaboration in the development and preparation of urban projects, AIIB Senior Partnership Officer Ping Yean Cheah said at a panel discussion at the 13th session of the World Urban Forum (WUF13) in Baku, Report informs.

Cheah emphasized ADB's significant role in joint efforts to minimize project risks.

"ADB has made a significant contribution through the City Development Initiative for Asia (CDIA), allocating project preparation resources, which enabled AIIB to open financing for the Dhaka Urban Infrastructure Improvement Project, which includes a slum upgrading component. AIIB plans to continue consultations with ADB representatives to further expand the partnership in urban infrastructure and affordable housing," the bank specialist stated.