No difficult ties between AIIB and other financial institutions

UNITED NATIONS - A senior UN official said Monday that difficult relations do not exist between the Asian Infrastructure Investment Bank (AIIB) and other financial institutions, adding that the Chinese government intends to work closely with them.

"I do not see the kind of difficult relations between AIIB and other financial institutions," Wu Hongbo, UN undersecretary-general for economic and social affairs, told a press conference on financing for development.

"The Chinese government has already said they will work very closely with the World Bank and the Asian Development Bank, and that's their intention," he said.

Wu said that one of the important areas in boosting economic recovery is investment in infrastructure and many countries need this investment.

"Take Asia alone, in the next decade, the investment in infrastructure in that region requires 8 trillion dollars," he noted.

"So I would see great benefit and value in having this bank of AIIB," he said. "I think the only thing in need is trying to remove all these misunderstandings and unfounded worries."

The China-proposed AIIB is expected to be established by the end of this year. It will provide financing for roads, railways, airports and other infrastructure projects in Asia.