World Bank chief: New China infrastructure bank 'potential strong ally' in fighting poverty

IndustriesAssociated Press

The head of the World Bank says he'll do everything he can to work with a new Chinese-led Asian infrastructure bank opposed by Washington.

Jim Yong Kim said Tuesday the Asian Infrastructure Investment Bank is a potentially strong ally of the World Bank in combating poverty. But he also echoed U.S. concerns the new bank should adhere to high environmental, labor and procurement standards.

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The U.S. has found itself isolated with Japan in its resistance to the new bank, as major allies in Asia and Europe have signed up. U.S. officials are concerned it might undercut the World Bank or International Monetary Fund.

Kim said he plans to discuss collaborating with the bank when he meets with Chinese and financial figures in annual meetings in Washington next week.