"AIIB and ADB agree to strengthen cooperation, including cofinancing, at the strategic and technical levels on the basis of complementarity, value added, institutional strengths and comparative advantages, and mutual benefit," the bank said in a press statement, citing the memorandum, which was signed during the ADB's annual Board of Governors meeting.
Projects to possibly be co-financed by the two banks include road and water sector infrastructure, with Pakistan's 233-kilometer-long (145 miles) M4 highway currently under construction to be the first in line, according to the statement.
The AIIB was established in June 2015 in Beijing by 57 founding members from 30 countries. China, India and Russia have received the largest share of votes on the board of directors. The ADB was established in 1966 and comprises 67 members in Asia, Europe and North America. Japan and the United States control the largest proportion of the bank's shares, holding 15.7 percent and 15.6 percent respectively.
