(Refiles to correct spelling of World Bank in headline)

WASHINGTON, April 16 (Reuters) - Japan and the United States agreed that global institutions like the World Bank and the Asian Development Bank may work with the new Beijing-backed development bank by extending coordinated loans, Japanese Finance Minister Taro Aso said.

"In our meeting, we agreed on the need for the Asian Infrastructure Investment Bank ... to meet high global standards" of fairness and governance, Aso told reporters.

He was speaking after meeting with U.S. Treasury Secretary Jack Lew and attending the Group of 20 finance leaders' gathering for the first day of discussions.

(Reporting by Leika Kihara; Editing by Chris Gallagher)