The Japanese head of the Asian Development Bank has poured cold water on China’s move to establish a rival, saying the Asian Infrastructure Investment Bank was years away from parity in resources or potential impact.
Takehiko Nakao, the latest in a long line of Japanese finance ministry officials to head the ADB, has in recent weeks joined other development bank presidents in welcoming the establishment of the AIIB and offering to work together with it on projects.
At a time when all agree there is a significant shortfall in infrastructure investment around the world, the consensus view expressed in public is that any new pools of money are to be welcomed.
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