WASHINGTON, June 28, 2015—The World Bank Group today issued the following statement from World Bank Group President Jim Yong Kim on the signing of the articles of agreement by the founding members of the Asian Infrastructure Investment Bank:
“I congratulate all founding members of the Asian Infrastructure Investment Bank on the establishment of the new development institution today. More funding for infrastructure will help the poor, and we are pleased to be working with China and others to help the AIIB hit the ground running.
The developing world’s infrastructure investment needs are too huge for any single institution. The world spends about $1 trillion a year on infrastructure, but the vast majority of that goes to developed countries. Emerging markets and low-income countries face an annual gap of $1 trillion to $1.5 trillion in infrastructure spending.
We view the AIIB as an important new partner that shares a common goal: ending extreme poverty. With strong environment, labor and procurement standards, the AIIB will join us and other development banks in addressing the huge infrastructure needs that are critical to ending poverty, reducing inequalities, and boosting shared prosperity.”