ISLAMABAD: World Bank welcomes the new development banks, such as China-proposed Asian Infrastructure Investment Bank (AIIB) and the New Development Bank established by the BRICS countries, and is ready to share experience with them, World Bank President Jim Yong Kim has said.
The new multilateral banks could help bridge financing gaps in areas such as infrastructure, energy, and water, said Kim in a speech delivered at the Center for Strategic and International Studies in advance of the World Bank/IMF Spring Meetings which will be held next week, Xinhua News reported Wednesday.
“We estimate that the world needs an additional US$ 1 to 1.5 trillion dollars every year to be invested in infrastructure — roads, bridges, railways,airports, and energy plants.
By 2030, we will most likely also need 40 percent more energy and face a 40 percent shortfall of water — pressures that may well be further accelerated by climate change,” he said.
With the right environment, labor and procurement standards, these new development banks have the potential to become great new forces in the economic development of poor countries in emerging markets, Kim said.
The World Bank will discuss with the Chinese and other officials about collaborations between the World Bank and the AIIB during the spring meetings next week, he said.