AIIB sets up co-financing road project in Pakistan

The Asian Infrastructure Investment Bank has reported its first co-financing project in Pakistan, a choice that a financial chief said is not related to close ties between China and Pakistan.

The China-led multilateral development bank has identified a series of co-financing projects with the Asian Development Bank, according to a statement released by both banks on Monday.

The statement came after AIIB President Jin Liqun and ADB President Takehiko Nakao signed a memorandum of understanding in Frankfurt on the sidelines of the ADB's 49th annual board of governors meeting.