Asian Development Bank

The World Bank Group and the China-led Asian Infrastructure Investment Bank said on April 23 they agreed to deepen their cooperation with a framework for knowledge sharing, staff exchanges, analytical work, development financing and country-level coordination.

Asian nations must spend $26 trillion by 2030 on infrastructure to battle poverty, boost economic growth and fight climate change, the Asian Development Bank warned on Feb. 28.

The World Bank's board of directors approved loans of $400 million each for Turkey and Azerbaijan late on Dec. 20 for the Trans-Anatolian Natural Gas Pipeline (TANAP) project. 

The World Bank and the new China-backed Asian Infrastructure Investment Bank, originally seen as possible rivals, joined hands April 13 with an agreement to co-finance projects.

Turkey has ratified the establishment agreement of the Asian Infrastructure Investment Bank (AIIB), which was signed in June 2015. 

According to a regulation, revealed in the Official Gazette on Jan. 12, Turkey will not pay more than $2.6 billion as the capital contribution to the bank. 

The Turkish cabinet has also been authorized to increase this amount by up to five times. 

Japanese Prime Minister Shinzo Abe and business leaders are due to return on Oct. 28 evening from a week-long tour of Central Asia after striking business deals worth more than $26 billion.

What does a state do? 

Banks are arranging USD 1B in financing for, a key offshore gas field project in Azerbaijan seen as crucial for Europe's energy security, the European Bank for Reconstruction and Development (EBRD) has said.

The Asian Development Bank is to lend about $3 billion to the Philippines over the next three years, part of which will help support a peace deal ending a long-running Muslim insurgency, a joint statement said July 28.

Countries from five continents formally signed up on June 29 to the China-led Asian Infrastructure Investment Bank -- a potential rival to the Washington-based World Bank -- as Beijing steps up its global diplomatic and economic role.