The World Bank and the Asian Infrastructure Investment Bank among other institutions are needed to boost infrastructure in Central Asia, Representative of the North American office at the Asian Development Bank (ADB) Bart Edes told Sputnik
WASHINGTON (Pakistan Point News / Sputnik - 16th May, 2019) The World Bank and the Asian Infrastructure Investment Bank among other institutions are needed to boost infrastructure in Central Asia, Representative of the North American office at the Asian Development Bank (ADB) Bart Edes told Sputnik.
"There's a massive infrastructure gap in the region. We need the World Bank there, we need the ADB there, we need new Asian Infrastructure Investment Bank started by China in there... all of these development banks, the older ones and the new ones, they only meet a fraction of the total need. So we need a lot of private investment that doesn't come from the developing [banks]," Edes said on Wednesday.
ADB was set up to be the regional development bank for the Asia Pacific, Edes noted.
"We are actually based in the region, which gives us certain advantages in understanding of the region. We have offices throughout the developing countries where we have business," he explained.
Edes spoke at the "Doing Business with the BRICS" Conference organized by the Eurasia Center and the Eurasian Business Coalition.
The seventh annual conference brought together various experts and officials from Brazil, Russia, India, China and South Africa seeking to expand trade, direct investments and business opportunities, as well as open communication.
