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LONDON， May 11 (Xinhua) -- The Asian Infrastructure Investment Bank (AIIB) and the European Bank for Reconstruction and Development (EBRD) agreed on Wednesday to deepen cooperation between their two organizations.

The two development banks signed a Memorandum of Understanding (MOU) at the EBRD's annual meeting here.

Under the MOU， the banks agree to deepen their promotion of economic development and investment in countries where both are active.

The EBRD said in a statement that it had been a strong supporter of the AIIB from its inception and shared with the AIIB its experiences in such areas as investment processes and the development of infrastructure and energy projects.

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