The head of the International Monetary Fund welcomed the creation of the China-led Asian Infrastructure Investment Bank, saying there is no room for competition among international financial institutions.

Christine Lagarde, Managing Director of the IMF, emphatically stressed the cooperative nature between the AIIB and other financial organizations on Sunday during the China Development Forum 2015 in Beijing.

“We really welcome this initiative which we regard as perfectly justified and a good attribute of corporation among international institutions,” Lagarde said.

Lagarde also said that there would be a huge amount of opportunities for cooperation rather than competitions.

“There are so many infrastructure projects needed around the world, particularly in this area that really I don’t think there can be room for competition. There can be massive, massive room for cooperation,” she said.

China’s Finance Minister Lou Jiwei said the AIIB has already begun cooperative talks with the Asian Development Bank.

“Before walking into this room, we (Lou and the president of the ADB Takehiko Nakao) had a bilateral talk. We complement each other. We are now being engaged in a discussion about how we cooperate,” Lou said.

Nakao said the two organizations working closely would benefit the entire region.

“…It is to complement — work together with the ADB — not to compete with the ADB. I really believe that idea, and we can work together to do better things for the region,” Nakao said.

Report by The Associated Press.