Off the wire
Nigeria FA denies abandoning U-23 national team  • No new MERS infection reported in S. Korea for 3 days, 1 death added  • Nigeria to screen judokas ahead of AAG  • Dollar trades at upper 122 yen level in early Tokyo deals  • Dunga to remain Brazil coach despite early Copa America exit  • Djokovic, Williams and Sharapova reach second round at Wimbledon  • CAF to hold AAG football draws in July  • Australia's new military choppers weak in strong wind: media  • Valencia abort deal for Brazilian defender  • Interview: "I Strongly support China's idea on Juncker plan": ChinaEU head  
You are here:   Home/ World Bank

Statement by WB President on the Establishment of AIIB, June 30, 2015 Adjust font size:

The World Bank Group issued the following statement from World Bank Group President Jim Yong Kim on the signing of the articles of agreement by the founding members of the Asian Infrastructure Investment Bank:

“I congratulate all founding members of the Asian Infrastructure Investment Bank on the establishment of the new development institution today. More funding for infrastructure will help the poor, and we are pleased to be working with China and others to help the AIIB hit the ground running.

The developing world’s infrastructure investment needs are too huge for any single institution. The world spends about $1 trillion a year on infrastructure, but the vast majority of that goes to developed countries. Emerging markets and low-income countries face an annual gap of $1 trillion to $1.5 trillion in infrastructure spending.

We view the AIIB as an important new partner that shares a common goal: ending extreme poverty. With strong environment, labor and procurement standards, the AIIB will join us and other development banks in addressing the huge infrastructure needs that are critical to ending poverty, reducing inequalities, and boosting shared prosperity.”