Asian Infrastructure Investment Bank reported its first co-financing project in Pakistan, a choice a financial chief said is not related to ties between China and Pakistan.

The statement came with Jin Liqun and ADB president Takehiko Nakao said in a statement and signed a memorandum of understanding in sidelines of ADB`s 49th annual board of governors meeting.

“I am delighted to take a further step forward in our partnership with ADB. AIIB looks forward to deepening our already strong relationship and expanding our collaboration as we seek to address the significant infrastructure financing needs in the Asia Region,” AIIB’s President Jin Liqun said in a statement posted on the bank’s website.

“We have been working together to identify projects…by chance the Pakistan road project was more mature so it is not related to relations with China and Pakistan,” Nakao said.

“I am delighted to take a further step forward in our partnership with ADB. AIIB looks forward to deepening our already strong relationship and expanding our collaboration as we seek to address the significant infrastructure financing needs in the Asia region,” Jin said.

AIIB expects to approve $1.2 billion this year financing including 12 projects with World Bank and ADB. In between China is implementing $46 billion plan for China and Pakistan economic corridor.

The ADB led Pakistan project while AIIB participated later says the report. According to it administer the project on behalf the co-financiers and bidding must be carried out with ADB`s procurement procedures and guidelines.