Chinese Finance Minister Lou Jiwei disclosed that China will donate 100 million US dollars to the 11th replenishment of the Asian Development Fund to help low-income members of the Asian Development Bank (ADB) including Pakistan in reducing poverty.
The AIIB and the ADB are already discussing projects for co-financing in the road and water sectors. The first of these projects is expected to be Pakistan’s M4 highway project, a 64 km stretch of motorway connecting Shorkot to Khanewal in Punjab province.
The two institutions will undertake regular high-level consultations between them and joint data collection to promote the implementation of the sustainable development goals and the COP21 climate agreement, according to a press release by the Asian Infrastructure Investment Bank (AIIB).
The ADB signed a memorandum of understanding with Asian Infrastructure Investment Bank (AIIB) this week to strengthen cooperation for sustainable growth. China will support the ADB as always and deepen its all-round cooperation with the Bank, Lou added while addressing ADB’s Board of Governors’ meeting in Frankfurt.
According to the agreement, the AIIB and the ADB will strengthen cooperation, including co-financing, at the strategic and technical levels on the basis of complementarity, value added institutional strengths, comparative advantages, and mutual benefit.
Chinese Finance Minister Lou Jiwei on Wednesday called for speeding up structural reforms to enhance the flexibility and resilience of the economy.
Speaking at the 49th annual meeting of the Board of Governors of Asian Development Bank (ADB), Lou said the world economy was still faced with severe challenges and countries should speed up their structural reforms to enhance the flexibility and resilience of their economies and foster sustainable growth by means of innovation.
As an important institution of multilateral development, the ADB should adapt itself to changes in a proactive way and work out a more forward-looking development strategy that includes cooperation between high and middle-income countries, Lou said.
He maintained that ADS should develop innovative policies, improve the quality of its projects, improve its governance structure and raise institutional strength, comprehensively expand its partnership with existing multilateral development aid agencies and new institutions, including the Asian Infrastructure Investment Bank (AIIB) and the BRICS Development Bank.
He also suggested ADB strengthen its partnership with private institutions through the public-private partnerships (PPP). This year marks the 50th anniversary of the establishment of ADB and the 30th anniversary of China’s cooperation with the ADB.
A country that always relies on help and handouts from friends, loses the ability and the will to stand on its own two feet. Provision of quality education produces the human capital that produces the economic capital which leads to self reliant self sufficiency and self confidence, now you know why your rulers instead of developing quality education develop motorways instead, instead of developing potable water and underground sewerage, they develop fly overs. Instead of developing hospitals and dispensaries, the give you metro buses. Instead of well equipped and decent police force they recruit elite security guards for themselves, instead of providing speedy and affordable justice by building more courts and recruiting more judges, they build luxury prime minister, president and governor houses with army of chefs, gardeners and servants. This is what you legalize and endorse with your vote by giving the mandate to your democrazy, you condone the fallasy by calling it democracy. The ball is in your court, when you see the reality the way it is, change will come, neither Imran Khan nor anyone else can bring about change, everything will change once you change your self by waking up from your self destructive stupor.
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