The new China-backed Asian Infrastructure Investment Bank (AIIB) and the World Bank on April 13, 2016, signed an agreement to co-finance projects. They have agreed to work together on infrastructure programs over the coming year which will give the World Bank some crucial oversight on how projects are planned and implemented. In its first year of operation, the AIIB expects to approve about $1.2 billion in financing, with a “sizable share” of that to be in joint projects with the World Bank. Under consideration are around a dozen projects including water, transportation, and energy developments in East, Southeast and Central Asia.