Photo: Reuters/China Daily

The World Bank and the Asia Infrastructure Investment Bank signed a memorandum of understanding to further enhance cooperation last month, on the sidelines of the Spring Meetings of the World Bank Group and the IMF.

The MoU covers cooperation in areas including development financing, staff exchanges, and analytical and sector work. “It paves the way for the two institutions to further enhance coordination at the regional and country levels,” the World Bank said in a statement in April.

The cooperation follows an infrastructure project co-financing agreement signed last year between the two organizations. AIIB and the World Bank have co-financed five projects over the past year including in Pakistan, Azerbaijan and Indonesia.