AIIB (Asian Infrastructure Investment Bank) news

[ahojunk]

Good on you, France. Don't hide under the skirt of America.
Vive la France!

--------
France's Decision to Join China-Led AIIB Unaffected by US - Paris / Sputnik International

France's Decision to Join China-Led AIIB Unaffected by US - Paris

France made its own decision to join Asian Infrastructure Investment Bank (AIIB) without relying on the US position, the Ministry of Foreign Affairs spokesperson told Sputnik Thursday.

MOSCOW, April 2 (Sputnik), Yulia Shamporova — In March, France announced its plans to join the AIIB.

"We [France and United States] are strong allies and discussed this question with our international partners, but of course each of us takes its own decisions," the Ministry of Foreign Affairs spokesperson said.

The AIIB was established in October 2014 with a registered capital of $100 billion. China proposed the creation of the bank in a bid to boost investment in infrastructure project in the Asia-Pacific region.

The China-led Asian Infrastructure Investment Bank (AIIB) is a good opportunity to respond to Asian infrastructure needs, a spokeswoman for the French Foreign Ministry said.

"France sees this initiative as an opportunity to respond to Asia’s need in terms of infrastructure. Making infrastructure greener and more resilient to climate-related hazards is one of today’s major challenges. We are keen to see this new bank play a role in meeting this challenge," the spokeswoman said.

Apart from France, countries applying to join the financial organization as founding members include the United Kingdom, Switzerland, Austria, Australia.

“France welcomes China’s readiness to pursue a multilateral approach as with the AIIB and looks forward to that approach being reflected in other international forums," the Ministry of Foreign Affairs spokesperson said.

She added that "in this context it will be important that the AIIB complies with international standards already applied by multilateral financial institutions, including the French agency for Development (AFD)."

The bank will have 45 member states, and March 31 was the deadline for applications to become a founding member. The bank will go live mid-April.

The new Chinese-based bank is seen in Washington as a potential competitor of Western financial institutions, like the US-based International Monetary Fund and the World Bank.

The US Treasury Secretary Jacob Lew said in March that there were growing tensions between trans-Atlantic allies over the AIIB. He criticized European participation in the China-led development bank and questioned AIIB anti-corruption, labor and environmental policy.
.

 

[Kiss_of_the_Dragon]

China-led AIIB open to US ‘anytime’, says lender’s chief

SINGAPORE, April 11 — China is keeping the door open for the US to join its new development bank “anytime,” the lender’s chief said, after the Obama administration failed to persuade most allies to snub the lender.

The US is “welcome to the kitchen to work with us,’ Jin Liqun, secretary general of the secretariat for establishing the bank, told reporters in Singapore today. The Asian Infrastructure Investment Bank’s founding membership will probably be ‘‘short of 60,” he said.

“China itself has benefited enormously from contributions by the World Bank” and Asian Development Bank, Jin said at a forum in Singapore. “Now it’s time for China to contribute more to this region, and hopefully China’s contributions will spill over to other regions.” The US suffered a diplomatic setback as allies including Australia, the UK, and Germany opted to become founding members of the China-led bank. World Bank President Jim Yong Kim said this week he doesn’t view the development lender as heralding an end to the global economic order forged by the US

The AIIB will be owned by all members, not solely China, and will have a mandate to promote broad-based socio-economic development, Jin said. As it will focus exclusively on infrastructure funding, while the World Bank and Asian Development Bank address poverty reduction, there is more complementary territory than “head-on competition,” he said. —

China-led AIIB open to US ‘anytime’, says lender’s chief | Money | Malay Mail Online

----
Indeed welcome to the kitchen to work for us , Americans will not have any privilege as they have with World bank or IMF to dictate their terms. In AIIB they shall be just a simple mortal as the rest of earth citizens with no exception , they can keep their ego outside AIIB or stay outside AIIB.

 

[Edison Chen]

Spain, S.Korea and Austria approved as founding members of China-led bank AIIB — RT Business

 

[ahojunk]

.
AIIB to be lean, clean and green, Chinese officials say - Global Times

AIIB to be lean, clean and green, Chinese officials say
Source:Xinhua Published: 2015-4-12 9:24:56

China and all the member countries of the Asian Infrastructure Investment Bank (AIIB) will be committed to build a bank which would be lean, clean and green, said Jin Liqun, secretary general of the interim multilateral secretariat of the China-proposed institution here in Singapore on Saturday.

Jin made such remarks at the two-day "Singapore Forum 2015" which concluded Saturday.

"Lean is cost effective; clean, this bank will have zero- tolerance on corruption; green means it's going to promote the economy," he said.

The bank has seen more than 40 prospective founding members by Saturday, with Spain, South Korea and Austria as the most recent prospective founding members.

Talking about whether the increasing number of members would add difficulty on the decision-making process of the AIIB, Long Yongtu, China's former vice trade minister who also attended the forum, told Xinhua that the more countries joining in, the stronger the foundation of AIIB would be.

"Everything has two sides. It would pose some difficulty to the coordination of the positions and interests of all the member countries, especially many of which are at different economic level of development. But it is definitely not good news if the AIIB earned little response."

"AIIB is not the first multi-lateral financial institution, and we have a lot of experiences to borrow," Long added.

His words were also echoed by Jin. "World Bank and Asian Development Bank (ADB) have been operating for decades, and they have gained a lot of experiences in supporting the investment in other countries," he said.

But he also pointed out the difference between the AIIB and the existing institutions.

"China itself benefits enormously from the contribution by World Bank and the ADB. Now it's time for China to do something more for this region. And the difference between AIIB and World Bank and ADB is that this bank focuses exclusively on infrastructure development."

Talking about the operation of the bank, Jin said the bank would not be operated politically, but professionally.

"AIIB is a bank, not a political organization or political alliance. This guaranteed that it would be impossible to operate it in an untransparent way," he said. "AIIB is not China's bank. Many people have put too much emphasis on politics; this is a misunderstanding towards AIIB," said Long.
.

 

[ahojunk]

.
China rejects Taiwan as AIIB founding member | Bangkok Post: business

China rejects Taiwan as AIIB founding member
13 Apr 2015 at 12:42

BEIJING/TAIPEI — Taiwan is not able to become a founding member of the Beijing-led Asian Infrastructure Investment Bank (AIIB) but is still welcome to become an ordinary member in the future, the Chinese government said on Monday.

In a statement carried by the official Xinhua news agency, China's Taiwan Affairs Office said it confirmed what it said was a Hong Kong media report about the rejection of Taiwan. The report also said Taiwan could join further down the line, the Taiwan Affairs Office added.

While the Taiwan Affairs Office provided no explanation, it repeated that Taiwan would be welcome to join if it used an appropriate name.

"The mainland will consider opinions from all sides to properly address the issue of Taiwan's membership," the statement said. "The related departments will consider Taiwan's membership when making the constitution for the AIIB."

China views Taiwan as a renegade province. Most countries, including the United States, do not recognise Taiwan due to pressure from China.

Taiwan is not a member of the United Nations, the World Bank or the International Monetary Fund. It is though a member of the Asian Development Bank under the name of Taipei, China.

Taiwan downplayed the rejection, reiterating its interest to become an AIIB member if it receives equal treatment as other members.

Joining AIIB is positive for Taiwan, said Charles Chen, spokesman for Taiwan's Presidential Office.

"But if the future of Taiwan's accession fails to meet the precondition of 'dignity and equality', then Taiwan would prefer not to participate," Chen said.

China has not ruled out the use of force to bring Taiwan under its control. But since Taiwan's current president Ma Ying-jeou took office in 2008, enmity has declined considerably and the two sides have signed a number of trade and investment deals.

Taiwan's decision to apply to join the AIIB has sparked a heated debate in democratic Taiwan, where deepening relations with autocratic China have caused growing unease.

The rejection comes as Taiwan's ruling party, which had championed the AIIB application, said its chairman Eric Chu will visit China in May to attend a cross-straits forum. The visit has drawn criticism from Taiwan's pro-independence opposition party.

"Taiwan is a nation. Our negotiations with China should be government-to-government, not party-to-party negotiations conducted in secret," Democratic Progressive Party chairwoman Tsai Ing-wen said in response to Chu's visit.

Tsai is widely expected to be a candidate in next year's presidential elections.

The United States has urged countries to think twice about joining the AIIB until it could show sufficient standards of governance and environmental and social safeguards.
.

 

[TaiShang]

Better keep the US out.

New China-led bank to work for the region, says chief
April 12, 2015, 6:13 am

The AIIB is a China-initiated international financial institution aimed at supporting infrastructure projects in Asia. Beijing will host the headquarters of the Bank [Xinhua]

China and all the member countries of the Asian Infrastructure Investment Bank (AIIB) will be committed to building a bank which would be lean, clean and green, said Jin Liqun, interim chief of the Bank.


“Lean is cost effective; clean, this bank will have zero- tolerance on corruption; green means it’s going to promote the economy,” he said.

Jin is the secretary general of the interim multilateral secretariat of the AIIB.

The AIIB is a China-initiated international financial institution aimed at supporting infrastructure projects in Asia. Beijing will host the headquarters of the Bank.

The bank has seen more than 40 prospective founding members by Saturday, with Spain, South Korea and Austria as the most recent prospective founding members. The growing list of its European allies joining China’s alternative to the IMF and the World Bank has outraged Washington.

A US official earlier complained about “constant accommodation” of China by Washington’s EU allies, and Obama’s National Security Council issued a statement expressing concern over the AIIB’s environmental and governance standards.

The AIIB’s interim chief on Saturday said the Bank is not a political alliance, contrary to popular perception.

“China itself benefits enormously from the contribution by World Bank and the ADB. Now it’s time for China to do something more for this region. And the difference between AIIB and World Bank and ADB is that this bank focuses exclusively on infrastructure development,” said Jin.

“AIIB is a bank, not a political organization or political alliance. This guaranteed that it would be impossible to operate it in an untransparent way,” he added.

Long Yongtu, China’s former vice trade minister has said the growing list of members of the Bank makes its foundation stronger.

“Everything has two sides. It would pose some difficulty to the coordination of the positions and interests of all the member countries, especially many of which are at different economic level of development. But it is definitely not good news if the AIIB earned little response,” he said.

“AIIB is not China’s bank. Many people have put too much emphasis on politics; this is a misunderstanding towards AIIB,” said Long.

The authorized capital of the AIIB is $100 billion and the initial subscribed capital is expected to be around $50 billion. The paid-in ratio will be 20 per cent.

Founding members have agreed that GDP will be the basic parameter in determining share allocation among member countries in the Bank.

 

[TaiShang]

U.S. adopts new ploy to block AIIB
2015-04-13

After more than 50 countries and regions joined or applied to join the China-proposed Asian Infrastructure Investment Bank by March 31, the United States changed its attitude toward the bank. From publicly criticizing its allies for joining the AIIB, the U.S. is now emphasizing that the bank should follow the "high standards" set by other global or regional financial institutions such as the World Bank, International Monetary Fund and the Asian Development Bank.

The U.S. hasn't clarified what it means by "high standards", but if people take the U.S.-led World Bank as a reference, it would include the objectives of operation, such as the purpose of the organization, investment fields and management structure. So by referring to the World Bank's "high standards", the U.S. is only trying to create another obstacle for the AIIB.

As far as its purpose and orientation are concerned, the World Bank's initial aim was to help the reconstruction of Europe and Japan after World War II, and support the economic development of African, Asian and Latin American countries. The loans the World Bank offered focused on large-scale infrastructure construction. After the European and Japanese economies recovered, the World Bank focused mainly on the economic development of developing countries. From the 1990s it began offering loans to the Soviet Union, Eastern European countries, and China.

In the early postwar period, the U.S., as one of the two superpowers, played a dominant role in the world economy. Needless to say, the U.S. excluded the Soviet Union and Eastern European countries from its development scheme.

When postwar national liberation movements resulted in the nationalization of many countries' assets and thus undermined the U.S.-led World Bank's "legal" interests, and some countries such as Iraq publicly challenged the U.S., Washington assumed that large-scale loans for infrastructure construction to developing countries were benefiting its opponents. So in the intervening years, the World Bank changed its aim to "alleviating poverty". And this policy pushed the new economies with great development potential to the low end of the industrial chain.

Under such conditions, many developing countries, including China, which had just implemented reform and opening-up, got huge amounts of loans from the World Bank to fight poverty. But given the World Bank's new-found aim, the developing countries could hardly get any loan for the improvement of infrastructure or develop high-end industries. They even had to accept political conditions in exchange for World Bank loans.

There is no denying that developing countries got loans from the World Bank, and that its favorable soft loan programs have played an important role in reducing poverty across the world. Since China regained its World Bank membership in 1980, it has largely used such loans for poverty alleviation, and repaid them on time. China's success and some other countries' default on repayment owing to external factors and/or poor governance are proof of the World Bank's aim and investment orientation. The "high standards" of the World Bank have changed according to the U.S.' political will.

In terms of its management structure, the Washington-headquartered World Bank comprises 25 executive directors and 188 members. Member states' right to vote is closely related to the membership fee they pay. Even after the 2010 voting power reform, the U.S. has 15.85 percent of the votes. Given that all significant decisions can be taken only with 85 percent of the votes, the U.S. can manipulate all vital World Bank decisions and veto any reform that it believes could undermine its dominant position. No wonder, the World Bank president has always been an American national. Thus the World Bank's "high standards" helps the U.S. impose its political will on other members.

If the existing global financial system cannot meet the development needs of the Asian economies, we have to create one that will do so. The AIIB focuses on the fields that the U.S.-led global financial system doesn't want to get involved in. Indeed, the AIIB has to abide by high standard for its success, but the "high standards" the U.S. refers to are ones that will help maintain American interests.

The author Liu Hui is a researcher in American studies at the Chinese Academy of Social Sciences.

 

[ahojunk]

.
China Thwarts Taiwan’s Bid to Be Founding Member of AIIB - WSJ

China Thwarts Taiwan’s Bid to Be Founding Member of AIIB

Taiwan wants to join bank as Chinese Taipei

Taiwanese Premier Mao Chi-kuo on April 1. More details on Taiwan’s involvement in the AIIB will be disclosed after he reports to the legislature on Monday.PHOTO:ASSOCIATED PRESS

By JENNY W. HSU
Updated April 13, 2015 1:46 a.m. ET

TAIPEI—China rejected Taiwan’s bid to become a founding member of the Asia Infrastructure Investment Bank on Monday, but said the island is welcome to apply to be a new member after both sides work out some “participation issues,” signaling China has rebuffed Taiwan’s preferred membership name.

Beijing’s Taiwan Affairs Office spokesman Ma Xiaoguang said in a statement that China is willing to “gather more opinions” and ultimately find an “appropriate name” under which Taiwan can join the bank. That effectively quashes Taiwan’s request to join the multilateral lender as “Chinese Taipei.”

Nomenclature is a sensitive issue in cross-strait relationship. Under pressure from China, which sees Taiwan as a renegade province, the self-ruled island of 23 million people has been competing in international sporting events as “Chinese Taipei” and joined the World Trade Organization as the “Separate Customs Territory of Taiwan, Penghu, Kinmen and Matsu.”

In 1986, after China joined the Asian Development Bank, the institution changed Taiwan’s membership name to “Taipei, China,” from “Chinese Taipei.” The change was protested by Taiwan’s government, which said the name suggested Taiwan was under China’s jurisdiction. But the change went into effect and Taiwan is still a member of the ADB.

Taiwan President Ma Ying-jeou at numerous occasions have said “Chinese Taipei” is the Taiwan’s bottom line and the his government is willing go as far as to dropping its AIIB bid if the membership name fails to protect Taiwan’s dignity.

“We received the news on Sunday night. The premier has already asked relevant government agencies to take the necessary measures,” said Sun Li-chyun,Taiwan’s cabinet spokesman.

Mr. Sun said more details of Taiwan’s next move will be disclosed after Premier Mao Chi-kuo reports to the legislature on Monday afternoon.

Taiwan pitched its bid to be a founding member of the multilateral lender on March 31 amid heated debate. The opposition Democratic Progressive Party said the government should have waited until the rules on the bank’s activities are clarified, while the government answered that only founding members will enjoy preferential rights such as charting out the those rules.

Analysts say the rejection by China is likely to muddy cross-strait trust which both sides have sought to rebuild in recent years after decades of animosity.

Taiwan and China have been politically and economically separated since 1949 when the Nationalist Party, or the Kuomintang, fled to the island ahead of advancing communist armies. The two sides did not resume communication until 2005.

In recent years, Taiwan and China have managed to reach 21 trade agreements, but many Taiwanese remain deeply suspicious of Beijing’s ultimate intentions. China considers Taiwan part its territory and has vowed to take it back, by force if necessary.

Correction
Beijing’s Taiwan Affairs Office spokesman Ma Xiaoguang said in a statement that China is willing find an “appropriate name” under which Taiwan can join the Asia Infrastructure Investment Bank. An earlier version of this article incorrectly the statement was delivered at a news conference. (April 13, 2015)
.

 

[Edison Chen]

.
China Thwarts Taiwan’s Bid to Be Founding Member of AIIB - WSJ

China Thwarts Taiwan’s Bid to Be Founding Member of AIIB

Taiwan wants to join bank as Chinese Taipei

View attachment 214685
Taiwanese Premier Mao Chi-kuo on April 1. More details on Taiwan’s involvement in the AIIB will be disclosed after he reports to the legislature on Monday.PHOTO:ASSOCIATED PRESS

By JENNY W. HSU
Updated April 13, 2015 1:46 a.m. ET

TAIPEI—China rejected Taiwan’s bid to become a founding member of the Asia Infrastructure Investment Bank on Monday, but said the island is welcome to apply to be a new member after both sides work out some “participation issues,” signaling China has rebuffed Taiwan’s preferred membership name.

Beijing’s Taiwan Affairs Office spokesman Ma Xiaoguang said in a statement that China is willing to “gather more opinions” and ultimately find an “appropriate name” under which Taiwan can join the bank. That effectively quashes Taiwan’s request to join the multilateral lender as “Chinese Taipei.”

Nomenclature is a sensitive issue in cross-strait relationship. Under pressure from China, which sees Taiwan as a renegade province, the self-ruled island of 23 million people has been competing in international sporting events as “Chinese Taipei” and joined the World Trade Organization as the “Separate Customs Territory of Taiwan, Penghu, Kinmen and Matsu.”

In 1986, after China joined the Asian Development Bank, the institution changed Taiwan’s membership name to “Taipei, China,” from “Chinese Taipei.” The change was protested by Taiwan’s government, which said the name suggested Taiwan was under China’s jurisdiction. But the change went into effect and Taiwan is still a member of the ADB.

Taiwan President Ma Ying-jeou at numerous occasions have said “Chinese Taipei” is the Taiwan’s bottom line and the his government is willing go as far as to dropping its AIIB bid if the membership name fails to protect Taiwan’s dignity.

“We received the news on Sunday night. The premier has already asked relevant government agencies to take the necessary measures,” said Sun Li-chyun,Taiwan’s cabinet spokesman.

Mr. Sun said more details of Taiwan’s next move will be disclosed after Premier Mao Chi-kuo reports to the legislature on Monday afternoon.

Taiwan pitched its bid to be a founding member of the multilateral lender on March 31 amid heated debate. The opposition Democratic Progressive Party said the government should have waited until the rules on the bank’s activities are clarified, while the government answered that only founding members will enjoy preferential rights such as charting out the those rules.

Analysts say the rejection by China is likely to muddy cross-strait trust which both sides have sought to rebuild in recent years after decades of animosity.

Taiwan and China have been politically and economically separated since 1949 when the Nationalist Party, or the Kuomintang, fled to the island ahead of advancing communist armies. The two sides did not resume communication until 2005.

In recent years, Taiwan and China have managed to reach 21 trade agreements, but many Taiwanese remain deeply suspicious of Beijing’s ultimate intentions. China considers Taiwan part its territory and has vowed to take it back, by force if necessary.

Correction
Beijing’s Taiwan Affairs Office spokesman Ma Xiaoguang said in a statement that China is willing find an “appropriate name” under which Taiwan can join the Asia Infrastructure Investment Bank. An earlier version of this article incorrectly the statement was delivered at a news conference. (April 13, 2015)
.

This is another kind of economy sanction. New level. Very nice. When China is strong enough, we will have more leverage.

 

[TaiShang]

This is another kind of economy sanction. New level. Very nice. When China is strong enough, we will have more leverage.

As China gathers more economic strength, it enjoys greater economic leverage over Taiwan. It will likely be increasingly harder for Taiwan to sustain economic development while it remains at odds with China over its political status.

 

[Kiss_of_the_Dragon]

AIIB miles ahead of TPP in promoting integration
14 April 2015
Author: Andrew Elek, ANU

The Asian Infrastructure Investment Bank (AIIB) is a far more economically efficient option than the Trans-Pacific Partnership (TPP) for integrating Asian economies to each other and to the rest of the world. While the United States is attempting to thwart China’s AIIB by completing the TPP, it is likely to result in net costs to countries other than the US.

In 2015, very few products face significant transparent barriers — such as tariffs — when they cross international borders. The most important constraints to the flow of products along modern supply chains are due to weaknesses in transport and communications infrastructure. A 2013 study by the World Economic Forum found that supply chain barriers to international trade are far more significant impediments to trade than tariffs. Reducing supply chain barriers could increase world GDP over six times more than removing all tariffs.

This study confirms the experience of business people. For more than a decade they have urged governments to stop obsessing about traditional trade barriers that only affect some agricultural commodities and low-tech manufactures. Those managing ever-expanding supply chains want governments to shift attention to the widening gaps in Asia’s transport and communications infrastructure.

China’s AIIB initiative responds to these realities. It aims squarely at the real obstacles to economic integration. The new multilateral development bank will mobilise finance from international capital markets to reduce the vast gaps in economic infrastructure. It is a timely move to take advantage of the current low borrowing costs to invest in projects with potentially high economic returns.

With its vast current financial strength, China could have chosen to go it alone. Instead, it sought to draw in as many shareholders as possible to ensure that it is able to expand urgently needed investment as fast as possible. Drawing in other governments will also help the AIIB to draw on the expertise of existing multilateral development banks to acquire and sustain its own AAA rating.

The proposed TPP has a very different agenda. It comes from the United States Trade Representative, which responds to the wishes of its domestic business interests. The most widely publicised objective is to eliminate all remaining traditional trade barriers. Even such an impossibly ambitious trade deal would only add 0.5 per cent of income to the nations involved. Paul Krugman believes even that is an overestimate. And any actual TPP outcome will fall far short of fully eliminating all trade barriers.

There is a more important reason for the US push for the TPP. The US is seeking to impose rules that suit its economy on those that are very different. Much-leaked drafts for the TPP reveal many chapters defining new rules for issues such as intellectual property rights, labour and environmental standards, management of state-owned enterprises and many other matters.

But even if United States views were appropriate for 21st century commerce, they would not create any new trade. If accepted, they would impose costs on emerging economies, weakening their capacity to compete. In practice, if the TPP is signed, United States producers will be able to challenge and disrupt imports that they claim to contravene any of its rules. ANU economist Philippa Dee has argued that the TPP may lead to net costs, rather than benefits, for participants other than the United States.

The TPP is likely to be a multiplicity of bilateral preferential trade deals, adding new layers to rules of origin. It hopes to route supply chains around — rather than through — China, the largest trading partner of Asia Pacific economies. By contrast, the AIIB will finance infrastructure to facilitate the creation of essential new production networks. This is necessary as China’s labour costs will continue to rise and labour-intensive production will shift into other countries.

When the AIIB becomes operational in 2016 it will certainly boost much-needed economic infrastructure and integration in the region. The TPP is far less certain. Even if it is ever agreed upon, the deal will need ratification by the US Congress and many other legislatures and will not make a significant contribution to the market-driven integration of the region.


Andrew Elek is Research Associate at theCrawford School of Public Policy, Australian National University. He was the inaugural Chair of APEC Senior Officials in 1989.

AIIB miles ahead of TPP in promoting integration | East Asia Forum

---------------------------------------
Americans will face another eminent humiliation or let these TPP countries got screwed by US...either way China has nothing to lose.

 

[terranMarine]

Australia has been approved as a prospective founding member of the Asian Infrastructure Investment Bank (AIIB), China's Ministry of Finance said on Monday.

This brings the number of prospective founders to 47. Founding members of the AIIB have the right to make the rules of the bank. Countries that applied to join after March 31 will be ordinary members with voting rights only, and less say in the rule-making process. Founding membership will be finalized on April 15.

The AIIB will provide financing for roads, railways, airports and other infrastructure projects in Asia. It is expected to be established by the end of this year.

 

[cirr]

South Africa、Azerbaijan and 5 other countries approved as the founding members of the AIIB，making a total of 57.

All the BRICS nations（Brazil、Russia、India、China and South Africa）are in。

 

[Yizhi]

Asian Infrastructure Investment Bank - Wikipedia, the free encyclopedia

Prospective Founding Members (PFMs) of AIIB

i like blue..

 

[ahojunk]

Australia has been approved as a prospective founding member of the Asian Infrastructure Investment Bank (AIIB), China's Ministry of Finance said on Monday.

This brings the number of prospective founders to 47. Founding members of the AIIB have the right to make the rules of the bank. Countries that applied to join after March 31 will be ordinary members with voting rights only, and less say in the rule-making process. Founding membership will be finalized on April 15.

The AIIB will provide financing for roads, railways, airports and other infrastructure projects in Asia. It is expected to be established by the end of this year.

Yay! My country Australia is in... Cheers!
Hip hip hooray!

South Africa、Azerbaijan and 5 other countries approved as the founding members of the AIIB，making a total of 57.

All the BRICS nations（Brazil、Russia、India、China and South Africa）are in。

Hungary is being considered.

Does anybody knows why it takes Hungary so long to be considered?

Looking at the diagram above, looks like Canada, Belgium, Ukraine are considering too.
.