Aiib Bank

[amoy]

UK to join Asian Infrastructure Investment Bank

The Chancellor of the Exchequer, George Osborne is announcing today that the UK intends to become a prospective founding member of the Asian Infrastructure Investment Bank (AIIB). In doing so, the UK is the first major Western country to seek to join the AIIB.

Once fully operational the AIIB will support access to finance for infrastructure projects across Asia, using a variety of support measures - including loans, equity investments, and guarantees - to boost investment across a range of sectors including transportation, energy, telecommunication, agriculture and urban development. This support can complement the work already done in the region by existing Multilateral Development Banks such as the World Bank and Asian Development Bank.

As the first major Western country to apply to become a prospective member of the AIIB, the UK will join discussions later this month with other founding members to agree the Bank's prospective Articles of Agreement, setting out the governance and accountability arrangements that underpin the AIIB's operating practices.

As part of these discussions the UK will play a key role in ensuring that the AIIB embodies the best standards in accountability, transparency and governance, which will be essential to ensuring the success of the initiative and to unlocking the potential benefits for the wider global economy.

The Chancellor of the Exchequer, George Osborne said:

"I am delighted to announce today that the UK will become the first major Western country to become a prospective founder member of the Asian Infrastructure Investment Bank. This government has actively promoted closer political and economic engagement with the Asia-Pacific region and forging links between the UK and Asian economies to give our companies the best opportunity to work and invest in the world's fastest growing markets is a key part of our long term economic plan. Joining the AIIB at the founding stage will create an unrivalled opportunity for the UK and Asia to invest and grow together."


------------------------------------------- .
It's about time for China to reset her priority, putting other institutions on the backburner, which include the BRICS Bank that probably outlives its purpose and the SCO Bank that's a sheer talk.

Having too many irons in the fire for now. They may be competing.

 

[Free Karma]

US anger at Britain joining Chinese-led investment bank AIIB | US news | The Guardian

The White House has issued a pointed statement declaring it hopes and expects the UK will use its influence to ensure that high standards of governance are upheld in a new Chinese-led investment bank that Britain is to join.

In a rare public breach in the special relationship, the White House signalled its unease at Britain's decision to become a founder member of the Asian Infrastructure Investment Bank (AIIB) by raising concerns about whether the new body would meet the standards of the World Bank.

The $50bn (£33.5bn) bank, which is designed to provide infrastructure funds to the Asia-Pacific region, is viewed with great suspicion by Washington officials, who see it as a rival to the World Bank. They believe Beijing will use the bank to extend its soft power in the region.

The White House statement reads: "This is the UK's sovereign decision. We hope and expect that the UK will use its voice to push for adoption of high standards."

George Osborne – who has discussed the decision to become a founder member of the investment bank with his US counterpart, Jack Lew – has been the driving force behind developing closer economic ties between Britain and China. The chancellor has led the way in encouraging Chinese investment in the next generation of civil nuclear power plants in the UK and he ensured that the City of London would become the base for the first clearing house for the yuan outside Asia.

The US administration made clear in no uncertain terms its displeasure about Osborne's decision to join the AIIB. A US official told the Financial Times: "We are wary about a trend toward constant accommodation of China, which is not the best way to engage a rising power."

Britain was unsurprised by the decision of the US administration to air its concerns in public after the formal announcement that the UK would join the new investment bank. Sources said, in addition to the talks about British plans between the chancellor and the US treasury secretary, British and US officials have been in regular contact ahead of the announcement. UK officials say that, by joining the bank as a founding member, Britain will be able to shape the new institution.

In its statement to the Guardian, the White House national security council said: "Our position on the AIIB remains clear and consistent. The United States and many major global economies all agree there is a pressing need to enhance infrastructure investment around the world. We believe any new multilateral institution should incorporate the high standards of the World Bank and the regional development banks.

"Based on many discussions, we have concerns about whether the AIIB will meet these high standards, particularly related to governance, and environmental and social safeguards "¦ The international community has a stake in seeing the AIIB complement the existing architecture, and to work effectively alongside the World Bank and Asian Development Bank."

Human rights groups and others have complained that the UK has become too willing to placate China – particularly in light of its muted comments over the tight restrictions set out for voting rights in Hong Kong – but Thursday's remarks seem to be focused on the bank.

"I think the US has had its questions about the UK posture towards China on other issues and I suppose this announcement probably triggered renewed concern in Washington about overall British politics vis-à-vis China. But [we] don't normally arbitrate these things in public and I'm a little unsure as to why the US has chosen to pick a fight with the UK on this bank at this time, because I thought it had somewhat softened its posture on the bank. It's a bit surprising to me," said Matthew Goodman, senior adviser for Asian economics at the Center for Strategic and International Studies.

Goodman said the US had legitimate questions about the AIIB when it was first announced last summer, such as the governance of the institution, its lending standards and procurement rules.

"Notwithstanding that, I think they should have been more willing to engage in discussion with China and others about the institution. There's a big infrastructure gap in Asia, existing institutions are not filling it and China has the wherewithal to contribute on the right terms."

Some surmised that the US was responsible when Australia backed away from signing up to the bank at the Asia-Pacific Economic Cooperation summit in Beijing last autumn, after widespread speculation a deal was on the cards.

"The US did reach out to Australia, Koreans and others to consult about questions and concerns, and that's been interpreted as leaning on allies not to join the bank," said Goodman.

As the world's second largest economy, China has grown increasingly frustrated that it does not have more influence at the IMF and World Bank, and sees little prospect of more say regarding the Japanese-backed Asia Development Bank.

 

[amoy]

The AIIB pretty aligns with China's Silk Road initiative, both overland and maritime. C-J-K shall join hands as the world's 3rd largest economic bloc to spearhead the Asian era, from the AIIB fulcrum.

China invites Japan to join AIIB

Japan, Australia and South Korea have not joined the AIIB and the US has expressed reservations over its transparency.

The bank to be headquartered in Beijing is expected to be operational this year.

The authorised capital of AIIB is USD 100 billion and the initial subscribed capital is expected to be around USD 50 billion. The paid-in ratio will be 20 percent, according to the MOU.

The bank together with BRICS Development Bank and USD 40 billion Silk Road development fund established by China was expected to fund large number of infrastructure projects in the region.

Lou said some European countries, including major ones, have expressed the intention to join it.

But current founding members agree that AIIB will consider Asian countries first and the membership of countries outside the region will be the next step, he said.

Currently 27 countries have confirmed to join AIIB, an initiative proposed by China.

 

[amoy]

Australia considers joining AIIB: treasurer

"This is something that will obviously be taken into account by the government over the next few weeks as we continue our dialogue with those people behind the bank."

Australia turned down the invitation by China to become one of the founding members of the AIIB, saying that Australia would like to see more transparency in the governance of the bank.

However Hockey told reporters in Sydney that AIIB governance has improved.

 

[amoy]

France, Germany and Italy to join AIIB --China Economic Net

The membership of the Asian Infrastructure Investment Bank (AIIB) is set to expand further, with France, Germany and Italy reported to have all agreed to join the China-proposed institution.

The decision of the three European countries, which was revealed by British newspaper The Financial Times and yet to be officially announced, came in the wake of Britain's application last week to be a founding member of the 50-billion-U.S.-dollar bank.

Meanwhile, Australian leaders have been lining up in the past few days to voice support for joining the AIIB, which marks a conspicuous U-turn from the cabinet's previous stance.

"Our position all along has been that we are happy to be part of some thing which is a genuine multilateral institution such as the World Bank, such as the Asia Development Bank," Prime Minister Tony Abbott said during an interview with Sky News over the weekend.

In addition, South Korea, Switzerland and Luxembourg have reportedly been pondering whether to join the new international initiative.

As regards Japan, Chinese Finance Minister Lou Jiwei said earlier this month that the chance to be an AIIB founding member is available for all Asian countries including Japan by March 31, and the ball is in Japan's court.

"They told us they are considering. Whether Japan will join, we do not know. It is Japan's own decision," Lou said.

Nearly 30 countries have confirmed their participation in the AIIB, which is aimed at helping finance infrastructure projects across Asia and expected to come into being within 2015.

In response to U.S. concerns about the standards of the AIIB, Chinese Foreign Ministry spokesman Hong Lei said last week that the AIIB's operation and governance will be open, transparent, inclusive and responsible.

"It will draw experiences from other multilateral development banks and avoid their detours so as to be more cost-effective and efficient," he told a press conference.

"The AIIB will complement existing multilateral development banks and support the infrastructure and economic development in Asia," he added.

Surprise surprise, didn't expect AIIB to be this big :shocked:

 

[Ray]

The US is furious with UK regarding the same.

It is no surprise that Europe is tumbling in.

Asia is the future and they want a toehold since they are a sinking ship.

 

[amoy]

A Bretton Woods moment in Asia
Read more at: A Bretton Woods moment in Asia - Livemint

China is experiencing its Bretton Woods moment. Flush with a huge pile of cash, Beijing is on a bank-creation spree. Last year it took the lead in forming the Brics (Brazil, Russia, India, China and South Africa) Bank. In 2013, it announced plans to create the Asian Infrastructure Investment Bank (AIIB). It has tied up close to $110 billion in both projects. On Thursday, Britain signalled its intent to become a founding member of AIIB. This is another signal of the global financial and political realignments that are underway. As expected, the reaction from the US has been cold. Officially, AIIB is expected to meet the infrastructure investment needs of the Asian region. Last year, China doubled its contribution to the bank from the original $50 billion to $100 billion. This amount dwarfs its share in the Brics Bank which stands at $10 billion. While the Brics Bank is limited to five countries, AIIB will have a wider membership. So far, 22 countries, including India, have joined the bank. Most of the bank's members are concentrated in Asia, Central Asia and the Middle East. AIIB is open to all countries, but three key nations in the Asia-Pacific have not signed up: Japan, South Korea and Australia. This is a story in itself. The proposed banks are China's answer to the International Monetary Fund (IMF) and the World Bank. China's claims should be taken with a pinch of salt as unlike IMF and the World Bank, Beijing's geopolitical goals are too enmeshed with the economic aims of these banks. Unlike the Brics Bank—where each country has one vote each and the share capital of a country cannot be increased without unanimous approval of all members—AIIB is a different creature. Negotiations on its operating rules are yet to be finalized and it is not clear if it will adhere to the one member, one vote rule as in the case of the Brics Bank. If it does have an equal vote pattern, it will constrict China's goals. Three issues merit attention: the size and structure of these banks, their lending priorities and territorial reach. Far from being alternatives to IMF and the World Bank, these institutions have different goals. First, consider the magnitude involved. In AIIB, China is the dominant partner. It began with a promise of $50 billion as its share. Last year it promised to double it to $100 billion. While this will be quite smaller than that of the $165 billion Asian Development Bank (ADB), let alone IMF and the World Bank, this does give very considerable heft to China in lending across countries and political influence. The latter point is key to the exercise. Unlike the Bretton-Woods institutions, that service all countries with development problems and the management of temporary balance of payments problems, the goals of the China-led banks are much more limited. These are straightforward lending banks and specifically infrastructure lending institutions. This is a much more specialized task as compared to managing global financial frictions and development. Any institution with these goals requires much greater membership and acceptability—which IMF and the World Bank have. The corollary is clear: with greater scope of lending by China comes much greater political leverage. This is reinforced by the membership structure of these banks: IMF and World Bank have 188 members; AIIB has just 22. Finally, these banks have the potential to shift the world's political and economic centre of gravity away from the West to China. This point lies in the future but the seeds are being sown now. Britain's eagerness to join AIIB is an indicator of things to come. The great failure of these western institutions lies in their unchanging nature. It is a travesty that countries such as Italy should have greater voting rights than India; France more than China. It is this inability to change with the time in tune with economic realities that is letting China have its way. The losers will be western countries and the wider world. The world's poor countries need infrastructure and that requires money. The West does not have enough of it to lend, China does. But along with that opportunity to benefit come many strings. IMF may be infamous for insisting on "reform conditionalities" but these have stood the test of time. When China lends, an army of Chinese workers, companies and political nudging come with the package. Countries such as India should be aware of that.

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Such a bank creation spree comes to an end. AIIB shall take precedence of all others, like the BRICS Bank.

 

[amoy]

China welcomes Switzerland to AIIB

Switzerland on Friday announced its application to join the bank as a prospective founding member and submitted its candidacy to China last week.

The AIIB will be an international financial institution providing support to infrastructure projects in Asia, and is expected to be established by the end of this year.

China's Finance Minister Lou Jiwei said on Friday that the AIIB has already had 27 prospective founding members. The application deadline is March 31.

Britain, France, Germany, Italy and Luxembourg have previously applied.

 

[Ray]

One waits to see the delivery of this Bank for fair and equitable development of Asia.

Hopefully, no strings attached as it was for IMF and WB.

I am apprehensive of Western involvement.

 

[Free Karma]

South Korea Says It Will Join China-Led Asia Infrastructure Investment Bank - WSJ

 

[Aravind Sanjeev]

United Kingdom joining AIIB is no surprise. If you observe UK, for the past few years, it is constantly trying to improvise relation with China and India.
They created Mahatma Gandhi's statue on Britain. I mean, they could have done it before but why is it happening now.
I can see the world is turning to Asia's favor. And it has to, we do have larger work force than rest of the world. And that's why there is an international effort to stage India and China as enemies.


By the way, I heard others including South Korea, Japan and Australia is considering to join AIIB.

 

[amoy]

Russia announces decision to join AIIB

BOAO, Hainan - Russian First Deputy Prime Minister Shuvalov said Saturday Russia decided to join the Asian Infrastructure Investment Bank (AIIB), the latest country to join as application deadline draws close.

He made the announcement at the 2015 annual conference of the Boao Forum for Asia in the coastal town of China's southern island province of Hainan.

S Korea decides to join China-proposed AIIB
Australia decides to join China-proposed AIIB

Brazil, China's top trading partner, said on Friday it would join the AIIB and that there were no conditions set for joining.

"Brazil is very interested in participating in this initiative," the office of President Dilma Rousseff said in a short statement on Friday.

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The inclusion of Russia has made the proposed SCO bank unnecessary as all full members of SCO have been in the AIIB.

Also the BRICS Bank may have been made redundant by the China-headed AIIB.

The only regret is Japan stubbornly stays out !

 

[amoy]

Egypt to join China backed AIIB
http://www.reuters.com/article/2015/03/30/asia-aiib-denmark-idUSL3N0WW4FI20150330

Countries all over the world incl. Egypt, Finland, Denmark ... are applying to become founding members. Maybe AIIB should be renamed in reflection of its expanded horizons.


~~Still waters run deep. ~~from my MiPad using tapatalk

 

[amoy]

50 countries applying to be founding members. Here comes Israel by the deadline -

AIIB, a paradigm power shift

As the first China-proposed multilateral financial institution that has included developed nations as members, the AIIB offers an opportunity to test China's ability to play its role as a responsible country, analysts said.

The initiative followed years of frustrated attempts to reform the existing international financial institutions, which have failed to reflect the changing landscape of global economy.

The existing economic system, shaped by the Bretton Woods agreement seven decades ago, is dominated by western countries and increasingly unrepresentative of the world's economic architecture. Since the global financial crisis, emerging markets are becoming the main development drivers. Asian countries now make up one third of the global economy.

As global economic power shifts to emerging markets, it is only fair that they should play a bigger role in global institutions. Burkner said, "if it is not happening, then it is important to create additional institutions which, to some extent, cooperate and compete with existing institutions.

"There will be cooperation and also some healthy competition with the ADB and the World Bank."

Good for Asia; good for the world as a whole.

Jin Liqun, secretary general of the interim secretariat of the AIIB, regards the bank as a complement to, rather than a substitute for, the World Bank and the ADB. It will improve the existing international financial system, not overturn it, Jin said.

The AIIB is just the start. Jim O'Neil, coiner of the BRICs acronym and former chairman of Goldman Sachs Asset Management, believes there are plenty more areas where China needs to be drawn in.

With its Belt and Road initiatives, the AIIB and other entities (a joint development bank with BRICs partners Brazil, Russia, India and South Africa, for example) China is trying to make its own development beneficial to the whole continent.

After over three decades of fast expansion, benefiting from globalization and opening-up, China can now share the fruits of its development and build a "community of common destiny" through international and regional cooperation.

 

[sorcerer]

Members of China-led Asian bank discuss share-holding
The $100 billion Asian Infrastructure Investment Bank’s 5th Chief Negotiators’ meeting has ended in Singapore on Friday.

Delegates and representatives from 57 countries which had joined the China-led Bank as founding members have discussed stake-holding, draft of articles and shares in the newly found lender.

China’s Ministry of Finance said on Friday the negotiators have reached agreement on the bank’s charter.

Preparation for establishment of the AIIB are gaining momentum as a succession of intensive talks are on the horizon.

With the signing of a charter slated for the end of June, the AIIB looks set to be launched by the end of the year.

AIIB on Wednesday held a three-day closed-door meeting in Singapore, co-chaired by China’s vice Minister of Finance Shi Yaobin and Singapore’s Deputy Secretary of the Ministry of Finance Yee Ping Yi.


A Reuters report on Friday quoted unnamed sources as saying China would hold 25-30 per cent of shares, India 10-15 per cent, Asian countries will own between 72-75 per cent of the bank’s shares.

Among the 57 AIIB founding members, 37 are Asian countries. Founding members have the right to help define the bank’s rules, including its charter, while countries considered ordinary members, those that applied to join after the deadline of March 31, hold voting rights but have less say in the rule-making process.

Washington’s closest allies, including Germany, Britain and France have defied the US to join the China-led Bank. All the five members of BRICS are founding members of the AIIB as well.

US and Japan are yet to participate in the new financial institution.

China would still welcome the United States and Japan to join the Asian Infrastructure Investment Bank (AIIB), and has kept them informed with all the relevant information, China’s Finance Minister Lou Jiwei said last month.

After talks ended on Friday, representatives of the various founding members of the AIIB will need to get the nod on the share-holding agreement from their respective governments for the Bank charter to be finalized.

The bank will feature a three-level management structure that includes a board of governors, board of directors and senior management, China’s Deputy Finance Minister Shi Yaobin said earlier.

China, with $4 trillion in foreign exchange reserves, is pushing for the growth of its own multilateral bodies, including the AIIB, the BRICS Bank and a bank for the Shanghai Cooperation Organization, but also seeking to strengthen its voice at the World Bank and the International Monetary Fund.

To reflect the growing and underrepresented influence of emerging economies, the IMF called for a 6 per cent shift in quota share to the emerging economies in 2010. However, the reform has been delayed for five years due to blocking by US Congress as the United States retains a veto.

“I can fully understand why some other countries are frustrated and impatient to see that reform implemented,” IMF chief Christine Lagarde said last month calling on the United States to ratify the quota reform plan.

http://thebricspost.com/members-of-china-led-asian-bank-discuss-share-holding/#.VWHmpaGRJwE

 

[Samar Rathi]

Space for lending is crowded
Source: Agencies | May 23, 2015, Saturday |

PRINT EDITION
CHINA is likely to hold a 25-30 percent stake in the new Asian Infrastructure Investment Bank (AIIB) while India will be the second-biggest shareholder, delegates said yesterday after a three-day meeting of the bank’s founding member-nations.

AIIB said in a statement that it expected to be operational by the end of the year. It said the meeting in Singapore had finalized the articles of agreement, which are expected to be ready for signing by the end of June, but did not give further details.

China’s share in the US$100 billion lender would be less than 30 percent, an Asian delegate told reporters. A second delegate said India’s share would be between 10 and 15 percent.

In all, Asian countries are expected to own between 72 and 75 percent of the bank, while European and other nations will own the rest.

Another delegate said that each country representative would take the proposals back to their governments for a final decision.

All spoke on condition of anonymity.

Some were skeptical of the timeline for the bank to start running, as each member will need to obtain Cabinet and legislative approvals at home.

“It is uncertain if we can start from early next year,” said one of the delegates. “China hopes that members will get such approvals by year-end and the operations start from the next year. But I wonder if it is possible, given domestic political situations in each country.”

A total of 57 countries have joined the AIIB as its prospective founding members, throwing together countries as diverse as Iran, Israel, Britain and Laos.

The United States and Japan have stayed out of the institution, seen as a rival to the US-dominated World Bank and Japan-led Asian Development Bank, citing concerns about transparency and governance, although Tokyo is keeping its options open.

Washington led a high-profile, and ultimately unsuccessful, attempt to dissuade allies from taking part in the project, which critics say will not demand the same good governance and environmental standards imposed by other international bodies, such as the Asian Development Bank.

But supporters say fears over undue Chinese influence are overblown, and that the participation by more than 50 countries will dilute Beijing’s power.

The AIIB’s launch is coming at a time when the space for infrastructure lending is already crowded due to the presence of major multilateral lenders and Japan’s latest move to provide US$110 billion for Asian infrastructure projects.

The amount of Japanese funds, to be invested over five years, tops the expected US$100 billion capitalization of the AIIB.

Jahangir Aziz, head of emerging market Asia economics at JPMorgan, said that spending on infrastructure was a great idea on paper, but it was unclear how the AIIB or the New Development Bank, a lender promoted by China and other members of the BRICS group of nations, would be structured.

“We will have to wait for the actual structure of governance before we can see how successful these (institutions) will turn out to be,” he said. “The proof of the pudding will be in the eating.”

The Singapore meeting was the fifth to be held since the signing of a Memorandum of Understanding on establishing the AIIB in Beijing in October last year.
http://www.shanghaidaily.com/business/economy/Space-for-lending-is-crowded/shdaily.shtml

 

[amoy]

Why Indonesia wants a bigger say in AIIB
Jakarta wants second board position after Beijing

Indonesia asked that its headquarters be set up in Jakarta, home to the Association of Southeast Asian Nations (ASEAN), but the request was rejected by China.

Jakarta then expressed interest in filling the position of vice president.

There are two executive presidents, three senior vice presidents and 24 vice presidents in the World Bank.

If the AIIB follows that example, it’s possible Beijing will reserve a vice president seat for Indonesia.

Indonesia’s ambitions are backed by its economic potential.

Indonesia is one of the “Next 11”, a group of countries described by investment bank Goldman Sachs as having the potential to be among the world’s biggest economies in the 21st century.

The country has a lot of natural resources and a population of more than 250 million, the fourth largest in the world.

A big population provides a sizable domestic market and workforce for its future development.

In the United States’ pivot to Asia, Indonesia is a key ally. Also, Jakarta knows its unique value in the power game between China and the US.

Taiwan and China officials to discuss AIIB

Beijing has recently rejected Taiwan's application to become a founding member of its newly-formed development agency, the AIIB, reportedly on the grounds that it does not recognize Taiwan as an independent country and seeks to maintain its own claim over the island. However, Taiwan has not given up its hope to become a regular AIIB member.

Taiwanese President Ma Ying-jeou, meanwhile, has said Beijing is reluctant to establish a representative office in Taiwan due to Chinese officials' fears that it could be targeted by anti-Chinese protestors.

China has also refrained from agreeing to Taiwan's request for the island to be a stopover point for Chinese traveling to North America because Taipei is not willing to grant Beijing more direct flight routes between the two countries due to security concerns.

 

[amoy]

AIIB to Finance 5-10 Projects in 2016 Worth $1Bln - Russian Deputy Minister

MOSCOW (Sputnik) – The Asian Infrastructure Investment Bank (AIIB) Board of Directors has decided to finance up to 10 projects to the total value of about $1 billion in 2016, Russia's Deputy Economic Development Minister Stanislav Voskresensky said Wednesday.

"According to the preliminary agreement, there should be 5-10 projects, worth $1 billion in total," Voskresensky told the television channel Rossiya-24.

He added that Moscow hoped the bank would fund projects in Russia it considered to be important.

The AIIB is a China-sponsored international financial institution, established with the aim of investing in infrastructure projects in the Asia-Pacific region. Currently, the financial organization has 57 founding members, including a number of major European economies. China is the largest shareholder in the bank, followed by India and Russia.

Read more: http://sputniknews.com/business/20160120/1033423967/aiib-projects-worth-bln.html#ixzz43hpaxJON

~Tapa talks: Orange is the new black.~

 

[amoy]

AIIB poised to meet loan targets

The bank is poised to meet its lending target in the $0.5 billion ($500 million) to $1.2 billion range, and may exceed this target, Jin Liqun told the Board of Governors (BOG) of the AIIB on Saturday.

The bank's board approved on Friday $509 million in financing for its first four projects including those in power, transport and urban investments for South, Southeast and Central Asia, according to an e-mail sent by the AIIB to the Global Times Friday night.

A road improvement project in Tajikistan, highway construction in Pakistan and slum upgrading project in Indonesia are being co-financed with multilateral development bank (MDB) partners the Asian Development Bank (ADB), the European Bank for Reconstruction and Development and the World Bank, respectively, the AIIB noted. The power distribution and expansion project in Bangladesh was the AIIB's first stand-alone project.

"We expect to bring additional projects to the board in the second half of the year and are working on 2017 projects," Jin told the board on Saturday.

http://english.sina.com/buz/m/2016-06-26/detail-ifxtmwei9303381.shtml

~~Still waters run deep. ~~from my MiPad using tapatalk

 

[amoy]

the doomsday for BRICS

Brazil Cuts Stake in China-Led Infrastructure Bank
The bank is integral to China’s efforts to create alternative global institutions and spread its influence

After initially pledging to take nearly 32,000 shares—worth more than $3 billion—when signing as a founding member of the Asian Infrastructure Investment Bank in 2015, Brazil informed the AIIB in recent months that it will subscribe to 50 shares, said people familiar with the matter. The decision was based on domestic considerations, particularly measures to cut government spending.

Meantime there comes a deep-pocket -- a developed country after long-time hesitation.

Japan would consider joining China-led AIIB if doubts are dispelled, Abe says

Prime Minister Shinzo Abe said Monday he could be open to considering joining the China-led Asian Infrastructure Investment Bank if questions surrounding projects’ environmental impacts and other issues are resolved.

Abe made the remark on a Japanese television program following China’s hosting of a two-day international forum on the “One Belt, One Road” cross-continental infrastructure development plan the AIIB is set to finance.