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ADB President Takehiko Nakao holds an opening news conference at ADB annual general meeting in Yokohama on May 4. (Photo by Kosaku Mimura)
Finance

US pivot leaves ADB on thin ice

Washington's pullback from multinational deals may give AIIB an edge

| China

TOKYO -- Even as the Asian Development Bank stressed cooperation among members and the rival Asian Infrastructure Investment Bank when its 50th annual meeting opened in Yokohama on Thursday, the reality is growing more complicated as key partner America shifts focus to bilateral relationships and hints at closer ties with China.

Asia needs $1.7 trillion a year in infrastructure investment through 2030, the ADB estimates. Yet actual annual investment comes to just $881 billion. The ADB needs to work with the China-led AIIB to meet these needs, not view it as competition, President Takehiko Nakao told reporters.

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