Asian Infrastructure Investment Bank: Difference between revisions
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Revision as of 14:50, 25 October 2014
The Asian Infrastructure Investment Bank (AIIB) is an international financial institution proposed by China. AIIB is regarded by some as a rival for the IMF, the World Bank and the Asian Development Bank (ADB) which the AIIB says are dominated by developed countries like the USA and Japan. Both the president of the World Bank and the president of the ADB, however, have welcomed the plan to establish the new bank. The president of the World Bank, Jim Yong Kim, has said that the need for infrastructure in developing countries is great so that the activities of new organizations would be welcome.[1] The president of ADB, Takehiko Nakao, welcomed the proposal to establish the AIIB while saying that it would be best for the new organisation to incorporate environmental and other safeguards when providing loans.[2]
History
The first news reports about the AIIB appeared in October 2013.[3] In June 2014 China proposed doubling the registered capital of the bank from 50bn USD to 100bn USD and invited India and Nepal to participate in the founding the bank.[4][5] On October 24th, a signing ceremony held in Beijing, formally recognized the establishment of the bank. 21 countries signed the bill, which included: China, Nepal, India, Thailand, Malaysia, Singapore, the Philippines, Pakistan, Bangladesh, Brunei, Cambodia, Kazakhstan, Kuwait, Laos, Myanmar, Mongolia, Oman, Qatar, Sri Lanka, Uzbekistan, and Vietnam. [6] US lobbying efforts stalled Australia, Indonesia and South Korea from attending the launch ceremony, even though these countries have formerly expressed their interest to join the bank. [7] The headquarter of the bank will be based in Shanghai for Asia and Headquarter for South Asia will be established in SAARC's headquarter Kathmandu.[8]
Member Countries
China will stake major shares while other Asian countries like Malaysia, Thailand, India, Sri Lanka and Nepal, have agreed to sign the MoU.[9] Bangladesh is going to sign an MoU with China on 24 October 2014.[10]
The initial US$50 billion was mostly provided by China, but India, Singapore and Vietnam were also signatories, however Japan, South Korea and Australia were not members. There are a total of 21 signatories.[11]
| Member countries | Date of accession |
|---|---|
 Bangladesh |
2014 |
 Brunei |
2014 |
 Cambodia |
2014 |
 China |
2014 |
 India |
2014 |
 Kazakhstan |
2014 |
 Kuwait |
2014 |
 Laos |
2014 |
 Malaysia |
2014 |
 Mongolia |
2014 |
 Myanmar |
2014 |
 Nepal |
2014 |
 Oman |
2014 |
 Pakistan |
2014 |
 Philippines |
2014 |
 Qatar |
2014 |
 Singapore |
2014 |
 Sri Lanka |
2014 |
 Thailand |
2014 |
 Uzbekistan |
2014 |
 Vietnam |
2014 |
References
- ^ 'World Bank welcomes China-led infrastructure bank', Reuters, July 8, 2014.
- ^ David Pilling, 'Japanese head of ADB welcomes rival Chinese fund', The Financial Times, May 29, 2014.
- ^ An Asian infrastructure bank Only connect' The Economist, 4 October 2013.
- ^ Jamil Anderlini, 'China expands plans for World Bank rival', The Financial Times, June 24, 2014.
- ^ Atul Aneja, 'China invites India and Nepal to join Asian Infrastructure Investment Bank', The Hindu, June 30, 2014.
- ^ [1] 'China, 20 other countries initiate new Asian bank 'Mail Online', 24 October 2014.
- ^ 'China launches AIIB in Asia to counter World bank',"Affairscloud" , 24 October 2014.
- ^ AIIB'S Regional headquarter will be in Kathmandu for South Asia
- ^ Golam Moin Uddin, 'BD going to be founding member of Asian Infrastructure Investment Bank in the offing', UNB, 19 October 2014.
- ^ Abdur Rahim Harmachi, 'Bangladesh more interested in AIIB', bdnews24.com, 15 October 2014.
- ^ http://news.yahoo.com/china-21-other-countries-initiate-asian-bank-025611214.html
External links
- Asian investment bank: Realigning the status quo by The Straits Times
- India Considering Joining New Regional Infrastructure Bank by The Wall Street Journal
- Nepal to be founding member of Asian Infrastructure Investment Bank by GlobalPost
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