The Asian Infrastructure Investment Bank has struck an agreement to undertake joint projects with the World Bank as the China-led institution attempts to counter the perception that it is a rival to longer established multinational institutions.

Jin Liqun, president of the AIIB, told an audience in Washington that he expected the first projects to be approved in June, saying that it was sensible given the risk and scale of infrastructure projects to partner with the World Bank and Asian Development Bank, as well as pursuing solo ventures.

“Infrastructure projects are very large and it is not a very good idea for one bank to spend $2bn or $3bn on one project,” he said. A “huge amount of chemistry” had already developed between the AIIB, World Bank and ADB, he added.