The China-initiated multilateral development bank, the Asian Infrastructure Investment Bank (AIIB), said on Monday it signed a memorandum of understanding (MOU) with its counterpart the Asian Development Bank (ADB) on joint project financing.
The first batch of projects will include the M4 highway project in Pakistan, which is a 64-kilometer stretch of motorway connecting Shorkot to Khanewal in Punjab Province, according to an announcement the AIIB sent to the Global Times on Monday.
The lenders will work together in sectors such as energy, transportation, telecommunications, and rural and agricultural development, the announcement noted.
They plan regular high-level consultations and joint data collection to promote the implementation of the UN's Sustainable Development Goals as well as the COP21 climate agreement.
