World Bank chief expresses strong support for AIIB

World Bank Group President Jim Yong Kim expressed strong support Tuesday for a Chinese-led regional development bank, saying he welcomes any new players in the fight against poverty.
  

China has launched the Asian Infrastructure Investment Bank in a move seen as designed to bolster its economic clout by creating a counterbalance to the Asia Development Bank, led by the United States.
  

The U.S. has been negative about the AIIB, raising questions about whether the envisioned lender will have the necessary transparency and high standards of governance, though it said it agrees with the need to enhance infrastructure investment around the world.
  

Still, Britain, France, South Korea and other nations have recently joined the bank.
  

"My goodness, we have so much need for infrastructure and we welcome any new players. And the Chinese government has been very clear to us that this is not competition for us, but they have been very, very clear they want to cooperate and we've already been cooperating," Kim said during discussions at the Center for Strategic and International Studies.
  

Kim also said there could be many joint projects between the World Bank and the AIIB.
  

"The fundamental issue for us is your enemy cannot be other institutions. Your enemy has to be poverty. And if your enemy is poverty, then the natural thing to do is welcome any new players that are interested in developing the kind of infrastructure that will end poverty," he said.
  

In a separate conference call with reporters, Kim also said he is ready to work with the AIIB.
  

"We are ready to bring all of our 70 years of experience to helping AIIB figuring out what it wants to do, and welcoming them with open arms," Kim said, according to reports.
  

If the world's multilateral banks, including the AIIB and the New Development Bank, which was proposed by Brazil, Russia, India, China and South Africa, work together and support development that addresses these challenges, it will be beneficial to all, especially the poor and most vulnerable, Kim said.
  

"I will do everything in my power to find innovative ways to work with these banks," he said.
  

Kim also said he will meet with Chinese officials at the World Bank's spring meetings in Washington next week to discuss potential cooperation. (Yonhap)