BEIJING: Press releases bring one of the rampant moments in Financial history stating an inauguration of first multilateral bank, Asian Infrastructure Investment Bank without an involvement plea to United States and Japan – a proposal laid forward earlier in October 2013 solely by China aiming to revolutionize economic governance structure globally. The country would look into initiating US$ 50 million – a special fund in preparing under-developed countries for infrastructure projects.
Around US$ 729.3 million sum has been contributed by Kazakhstan to recently at inauguration ceremony attended by Chinese President Xi Jinping and bank’s 57 founding members — as what Economy Ministry Press Service reports.
The bank is believed to have had attracted additional investments for infrastructure projects in Asia as what Kazakh Economy Minister, Erbolat Dosayev speaks in contentment:
“It will complement the activities of such banks as the World Bank, the European Bank for Reconstruction and Development and the Asian Development Bank.”
Moreover, the country will be investing in infrastructure projects within a framework of larger projects like Silk Road economic belt and Path to Future economic policy. Likewise, it schemes to achieve improved project financing in India, and other Asian countries. However, latest reports from Indian Press have revealed New Delhi to be expecting half of the first year’s loan disbursement of the bank to go to India.
“It plans to disburse about US$ 1.2 billion — half of which would be in India. India has already posed 3-4 projects prepared by States, including in power and drinking water,” – fact sheet by Indian Embassy
“AIIB would make the global economic governance system more just, equitable and effective”, Xi Jinping’s remark has been offensive to World Bank and Asian Development Bank – reason behind — multilateral banks have been backed by United States dominance since years.
