The joint financing of development projects by a planned Chinese-led investment bank and existing institutions like the Asian Development Bank would help to raise standards at the new lender, according to Finance Minister Taro Aso.

Aso and U.S. Treasury Secretary Jack Lew held talks on the sidelines of a meeting of Group of 20 finance chiefs on Thursday, and agreed that the Asian Infrastructure Investment Bank needs to be held to international standards.

The two ministers will call on the AIIB to "secure fair governance and debt sustainability as well as to be considerate of environment and society" when selecting the projects it supports, Aso told reporters.