The Asian Development Bank (ADB) president said in Manila that cooperation with the newly created Asian Infrastructure Investment Bank (AIIB) is "kind of a win-win" for both institutions.

ADB President Takehiko Nakao told the media that the two institutions have agreed to co-finance infrastructure projects in the region.

"We are very happy to cooperate with the AIIB, including with co-financing," he said.

Nakao said that during his two meetings with AIIB's president-designate Jin Liqun last year, they agreed on several things, such as the importance of infrastructure for economic and sustainable development, and the need for good policy for social and environmental influx of projects.

"We have already started discussing what can be the first one or two projects for co-financing in such areas as transport-road, renewable energy, and urban and water projects," Nakao said.

(Xinhua News Agency January 8, 2016)