The World Bank and the new Asian Infrastructure Investment Bank are set to co-finance projects. The two banks on Wednesday signed a framework for cooperating on infrastructure programs in the coming year. The agreement will give the World Bank oversight on how projects are planned and implemented. 

The AIIB expects to approve about $1.2 billion in financing in its first year, with a "sizeable share" of that going to joint projects with the World Bank. About a dozen projects including water, transportation, and energy development in Asia are being considered. World Bank President Jim Yong Kim called the agreement an important first step toward working with a new partner to address the world's huge infrastructure needs. AIIB President Jin Liqun  said Wednesday at an Asia Society conference in Washington that there's "vast room for cooperation".