YOKOHAMA — Asian Development Bank (ADB) President Takehiko Nakao said on Thursday that China's Belt and Road Initiative is a good idea and the ADB is "happy to cooperate."

The Belt and Road Initiative is about connecting countries between Europe and Asia, said Nakao, adding that it is good to connect the countries and to promote activities in the region.

Nakao made the remarks at the opening press conference for the 50th annual meeting of the ADB.

"We can cooperate, because we have similar ideas," he said.

He also acclaimed China's increasing engagement with the ADB and expressed willingness to enhance the cooperation between the ADB and the Asian Infrastructure Investment Bank (AIIB).

"There is a very large need for finance (in the region), so we can cooperate," he said, adding that he does not see the AIIB as a rival.

Over 5,000 participants, including central bank governors, government officials and business leaders around the world, gathered here for the 50th annual meeting of the ADB and related events through Sunday.

The meeting, under the theme of "Building Together the Prosperity of Asia," will focus on the region's growing need for infrastructure as a critical sector towards achieving sustainable and inclusive development.

The ADB, based in Manila, the Philippines, currently comprises 67 members, including 48 from within Asia and the Pacific and 19 outside.