THE World Bank plans to work together with the China-led Asian Infrastructure Investment Bank (AIIB) in order to fight poverty and fund infrastructure projects, World Bank President Jim Yong Kim said Tuesday.

    Worried about China’s growing diplomatic clout, the United States has been urging countries to think twice about joining the AIIB, arguing that its projects may not adequately safeguard the environment and people.

    But more than 50 countries, including U.S. European allies Britain, France and Germany, have rushed to join China’s initiative, a US$50 billion multilateral infrastructure bank that will provide project loans to countries across Asia and plans to begin operations at the end of the year.

    “With the right environment, labor and procurement standards, the AIIB and the New Development Bank, established by the BRICS countries, have the potential to become great new forces in the economic development of poor countries and emerging markets,” Kim said in a speech at the Washington-based Center for Strategic and International Studies.

    The BRICS developing nations — Brazil, Russia, India, China and South Africa — are also working on a development institution though they have run into disagreements over funding and management.

    “If the World Bank Group, other multilateral banks, and these new development banks form alliances, work together, and support development ... we all will benefit, especially the poor and most vulnerable,” said Kim, who was nominated to lead the World Bank by the United States.

    He mentioned the World Bank and AIIB could co-finance individual infrastructure projects or work on regional integration, as developing countries face at least US$1 trillion in infrastructure needs.(SD-Agencies)