AIIB (Asian Infrastructure Investment Bank) news

[TaiShang]

AIIB to invest in Pakistan's infrastructure development
October 8, 2015

The president-designate of the Asian Infrastructure Investment Bank (AIIB) Jin Liqun (L) and Pakistani Finance Minister Ishaq Dar attend a press conference in Islamabad, capital of Pakistan, on Oct. 7, 2015. The visiting president-designate of the AIIB Jin Liqun Wednesday showed interest in financing infrastructure projects in energy, transport, sea port and urban development areas in Pakistan. [Xinhua]


The visiting president-designate of the Asian Infrastructure Investment Bank (AIIB) Jin Liqun Wednesday showed interest in financing infrastructure projects in energy, transport, sea port and urban development areas in Pakistan.

Jin, who was on his first visit to a middle-income emerging prospective founding member of the AIIB since he was named the official candidate for the bank's president in August, met with Pakistani Prime Minister Nawaz Sharif and held talks with Pakistani cabinet ministers on cooperation and the AIIB's investment in Pakistan.

Sharif told Jin that his government has invested a lot of resources in energy and infrastructure projects with the help of China.

Addressing a news conference along with Pakistani Finance Minister Ishaq Dar in Islamabad, Jin said Pakistan has a great potential in the infrastructure sector, which will pave the way for sustainable economic development.

"The bank is looking forward for closer cooperation with the country's public and private sector," he said, adding that the bank's officials will be visiting Pakistan very soon to discuss collaboration in different projects.

"We talked about cooperation between AIIB and Pakistan, particularly with regard to infrastructure projects. We believe that your country has a great potential. We believe infrastructure investment in energy sector, transport, electric power, sea ports, urban development and water supply will all pave the way for sustainable development of your country in the decades to come," said the president-designate.

He went on to say that the AIIB is looking forward to very close cooperation with its partners in Pakistan -- the government and particularly the private sector.

"We believe we have a great future as long as we work together. I'm sure we would be having a great institution which can serve the interest of all the 57 prospective founding members and more countries are waiting to join this bank," Jin said.

He said the bank will be working closely with existing multilateral development banks such as the World Bank, the Asian Development Bank and other development banks.

He also lauded Pakistani government's economic achievements " under the very very tough global economic situation" and pointed out that Pakistan has played a very crucial role in the establishment of the Asian Infrastructure Investment Bank.

Dar said that Pakistan will welcome the AIIB funding for the country's infrastructure development. He also vowed full support of the AIIB.

@waz , @Horus

 

[ahojunk]

Azerbaijan to pay for its share in AIIB
Baku, Azerbaijan, Oct. 7

By Azad Hasanli – Trend:

Azerbaijan will pay for its participation in the capital of the Asian Infrastructure Investment Bank (AIIB) in 2016, Azerbaijani Finance Minister Samir Sharifov told reporters Oct.7.

“Azerbaijan must pay $50 million for its share,” he said, adding that in 2016, the government will pay about 20 percent of the sum of $50 million.

“This sum is divided into two parts, we will pay for the first part and the second part is considered to be withdrawn, since it’s paid only in case of emergency,” Sharifov said.

At the same time, the minister didn’t rule out the possibility of changing the amount of the sum that Azerbaijan should pay.

The Azerbaijani government officially expressed interest in becoming one of the AIIB founders March 31, 2015. In April, Azerbaijan was confirmed as one of the countries that joined AIIB.

The objectives of the Asian Infrastructure Investment Bank are to promote the economic development and cooperation in Asia by investing in infrastructure and other productive sectors, which will be considered as appropriate; to develop the regional cooperation and partnership in addressing the tasks in the field of development, to closely cooperate with other multilateral financial institutions.

The investments in infrastructure of developing regional members, including the power engineering, transport and telecommunications, agriculture, water supply, environment, urban planning and other productive sectors will be the priority areas of AIIB funding.

AIIB’s authorized capital is $100 billion. The share of regional members of the bank will hit 75 percent. China will be the largest shareholder of the bank. Its share is 29.78 percent of the voting shares. Azerbaijan's share in the bank's capital will hit 0.25 percent. Some $254.1 million will be invested in their purchase.

Currently, 1.6 percent of the bank's shares remain undistributed.

 

[ahojunk]

ADB holds out hand of friendship to AIIB
08/10/2015 | Anthony Rowley

Positive comments by the head of the Asian Development Bank about his supposed rival, the China-led AIIB, has heightened speculation the pair have agreed not to fight turf wars

The head of the Asian Development Bank has given a strong signal he sees a key role for the China-led Asian Infrastructure Investment Bank, fuelling speculation the two bodies have reached a tacit deal not to engage in turf wars.

ADB president Takehiko Nakao said that “additional effort” was needed, particularly in terms of addressing the region’s infrastructure deficit.

In an interview with Emerging Markets, Nakao indicated his belief that there was room for a new player on the Asian development scene.

“The $8tr infrastructure deficit we estimate for the period from 2010 to 2020 continues to be a defining development challenge for Asia and the Pacific,” he said.

Taken together, all existing source of finance would “help address this deficit, but additional effort is needed,” Nakao stressed.

When the ADB president paid a visit to Jin Liqun, president-elect of the AIIB, at the office of the AIIB Interim Multilateral Interim Secretariat in Beijing in September the two men were all smiles as they discussed the need to “deepen co-operation between [their] two institutions”.

This contrasted with the rather defensive statement that the heads of all the major regional development banks including the ADB — plus the IMF — signed last year urging their member countries to be wary of dealing with “new entrants”.

EURASIAN DEVELOPMENTS

The cordiality and closeness of the Nakao-Jin relationship now appears to reflect more than the fact that Jin was once a vice president at the ADB, insiders said.

It suggests that the AIIB’s geographic and sectoral emphasis will be different from that of the ADB.

The AIIB is expected to devote itself largely to supporting Chinese president Xi Jinping’s grand plan for building Eurasian infrastructure networks, rather than going head to head with the ADB on a full spectrum of development projects throughout Asia.

In fact, the AIIB is more likely to serve as a “platform for co-operation” between the AIIB and the ADB, Yuqing Xing of the Graduate Research Institute for Policy Studies (GRIPS) in Tokyo told Emerging Markets.

In other areas of Asian infrastructure provision, needs are vast, Nakao said. “About half of the estimated $8tr in infrastructure [needs are] in energy and electricity. The need in telecommunications and transport is over $3.5tr and the remainder in water and sanitation.”

The ADB’s priority is “cleaner and greener infrastructure projects, in clean energy, energy efficiency projects, sustainable transportation or urban and rural water supply”.

In the few public comments that he has made so far on the role of the Beijing-based AIIB, Jin has indicated the new lending institution, which is due to begin operations early in 2016 will also be a “clean and green” as well as administratively “lean” institution.

The claim by the AIIB that it is “leaner” — and therefore more efficient — than other multilateral lending institutions has struck a chord, if not exactly a nerve, with Nakao. “Since I became president in April 2013 I have been initiating [various] reforms” at the ADB, he said.

He cited as examples “streamlining procedures, delegating more authority to resident missions closer to the ground” than the ADB’s head office in Manila, as well as “expanding lending capacity, strengthening private sector operations”.

 

[JSCh]

Poland's Ambassador to China signed the Articles of Agreement of the Asian Infrastructure Investment Bank (AIIB) on October 9, 2015 in Beijing. Poland is the 53rd signatory of the Articles.

Poland's Ambassador to China signed the Articles of Agreement of the Asian Infrastructure Investment Bank - NEWS - AIIB

There are 57 prospective members. 53 had signed.

The remaining members are Denmark, Kuwait, Philippines and South Africa. They have until the end of the year to sign to become founding member.

 

[ahojunk]

Cambodia seeks parliament approval to invest in AIIB
Xinhua News Agency on Oct 9, 2015 @ 10:56 PM

PHNOM PENH, Oct. 9 (Xinhua) -- The Cambodian government is seeking ratification from the National Assembly to invest 62.3 million U.S. dollars in the China-initiated Asian Infrastructure Investment Bank (AIIB), a spokesman said on Friday.

Phay Siphan, spokesman for the Council of Ministers, said the cabinet meeting, which was chaired by Prime Minister Hun Sen, agreed to send the agreement on the establishment of AIIB to the National Assembly for approval.

"Cambodia will invest 62.3 million U.S. dollars to purchase 623 shares in equivalent to 0.0635 percent of the AIIB's total capital, " he wrote on his Facebook page after the meeting.

Under the agreement, Cambodia will contribute 20 percent or 12. 46 million U.S. dollars of its total investment amount to the bank at the initial stage and the remaining amount will be required to pay in phases within 10 years, he said.

"Investing in the AIIB will provide Cambodia a new source of finance in medium and long terms," he said.

The Memorandum of Understanding on Establishing the AIIB specified that its authorized capital is 100 billion U.S. dollars.

AIIB is an international financial institution proposed by China in 2013 and was launched in Beijing in October 2014 with an aim of providing finance to infrastructure projects in Asia.

AIIB, comprised of 57 countries as founding members, will be officially established by the end of 2015.

 

[ahojunk]

Malaysia pledges US$219 million to AIIB over five years
October 16, 2015, Friday

KUALA LUMPUR: Malaysia has pledged US$218.8 million (US$1 = RM4.14) for the setting up of the Asian Infrastructure Investment Bank (AIIB).

“The investment will be paid over the next five years,” Deputy Foreign Minister Datuk Seri Reezal Merican Naina Merican told reporters after opening the 6th ASEAN Connectivity Symposium here, today.

On Aug 21, Malaysian Ambassador to China Datuk Zainuddin Yahya signed the Articles of Agreement of the AIIB at China’s Foreign Affairs Ministry in Beijing.

To date, 53 of the 57 prospective founding countries have signed the agreement, with Malaysia being the 51st signatory.

Initiated by China, AIIB, with about US$100 billion in fund, is aimed at promoting infrastructure interoperability and common development in Asia. -BERNAMA

 

[ahojunk]

Britain was the first of the US allies to join the AIIB. Now China is saying thank you.

---------------
Xinhua Insight: AIIB ushers in "golden decade" for China, Britain
English.news.cn | 2015-10-18 11:14:08 | Editor: Tian Shaohui
by Xinhua writer Liu Xinyong

BEIJING, Oct. 18 (Xinhua) -- At the invitation of Queen Elizabeth II, President Xi Jinping will pay a state visit to Britain from Oct. 19 to Oct.23, the first such visit by a Chinese president in a decade.

The visit will raise bilateral ties to a whole new level and usher in a new "golden decade," strengthened by Britain's active involvement in the Asian Infrastructure Investment Bank (AIIB), a China-advocated multilateral development institution tasked with financing infrastructure construction in Asia.

British Chancellor of the Exchequer George Osborne, during his China visit last month, promised that Britain will work with China to make AIIB a professional, responsible, transparent and effective financing platform.

"We want a golden relationship with China that will help foster a golden decade for this country. It is an opportunity that the UK can't afford to miss," according to an opinion piece by Osborne and Jim O'Neill, commercial secretary to the Treasury, in The Guardian. "Simply put, we want to make the UK China's best partner in the West."

Britain announced its intention to join the AIIB in mid-March. It was the bank's first Western founding member.

"Britain's positive attitude toward the AIIB was an exemplary move for opening a new chapter of golden relationship between the two countries," said Feng Zhongping, deputy head of China Institutes of Contemporary International Relations.

Britain led the way for other Western countries to join the AIIB. The institution can gain invaluable experience from Britain's expertise in the financial sector, Feng said.

As an international financial hub, Britain has a lot to share with China. Meanwhile, the City of London has sought to become a key Western hub for Chinese-yuan trade since 2012, offering the country an additional edge in AIIB participation.

Cui Hongjian, head of the European division under the China Institute of International Studies, concurred with Feng, "cooperation in the AIIB will help raise mutual trust."

The two countries can build on AIIB cooperation to seek closer relations in all aspects.

China and Britain entered into a "comprehensive strategic partnership" in 2004. In the past decade, huge improvements have been made in political, economic and people-to-people exchanges.

To enhance political trust, the two countries completed mechanisms for bilateral exchange, including the annual meeting between the Chinese premier and British prime minister; high-level cultural exchange mechanism; and the China-Britain strategic dialogue.

Economic and trade ties have also expanded, with annual trade surging from about 20 billion U.S. dollars in 2004 to more than 80 billion dollars in 2014.

Now, as the comprehensive strategic partnership enters its second decade, both sides are looking toward a bright future.

Britain hopes that a stronger relationship with China will ensure its prosperity, said Feng.

Since the European debt crisis, Britain has begun seeking cooperation opportunities outside Europe that are more stable and reliable. China is an ideal choice as sound economic fundamentals remain despite a slowing trend in recent years.

China's economy expanded by an average annual rate of 8 percent from 2011 to 2014, before falling to 7 percent in the first half of this year. Britain, on the other hand, posted annual growth of less than 3 percent in the same period.

"Undoubtedly, Britain wants to grow alongside a healthily growing economy," said Cui.

During Xi's visit, he is scheduled to deliver an important speech in London, where he will expound China's domestic and foreign policies and chart the future course for economic and trade cooperation.

The two sides are looking to explore new areas that will bring mutual benefits, according to Feng.

Britain is China's second largest trading partner within the European Union, while China is Britain's fourth-largest trading partner.

Last year, transportation equipment and precious metal accounted for more than 50 percent of British exports to China, while labor-intensive products, such as textiles toys and furniture, were featured heavily in Britain's import catalog from China.

Britain has opened its gates wide for Chinese investment, which witnessed an annual growth rate of 85 percent in the previous five years. It has become China's top investment destination within Europe.

In the plan to transform the north of England into an economic powerhouse, Britain needs Chinese investment to revitalize its northern industrial cities such as Manchester and Liverpool.

China's foreign ministry has said the visit will enhance economic and trade cooperation, with the signing of inter-government agreements and cooperation projects between companies.

Looking ahead, Xi's visit is going to lay a solid foundation for the golden decade ahead, Feng said.

Editor's note:

Chinese President Xi Jinping will pay a state visit to Britain between Oct. 19 and 23, the first by a Chinese head of state in a decade. Xinhua is wiring a series of in-depth stories on Chinese-British relations and the visit.

 

[TaiShang]

 

[ahojunk]

Chinese legislature starts process of ratifying AIIB agreement
(Xinhua) Updated: 2015-10-20 09:55

BEIJING - China's top legislature will deliberate a proposal concerning the approval of the AIIB agreement at a bimonthly session from Oct 30 to Nov 4, among other proposals and draft laws.

The Asian Infrastructure Investment Bank (AIIB), a China-advocated multilateral development institution tasked with financing infrastructure construction across Asia, has been signed by 53 out of the 57 founding members as of Oct 9.

The session will also consider proposals about a draft law on promoting the nation's booming film industry, a draft charity law and a draft law on deep sea resource exploiting, according to a statement from a meeting of the chairs of the National People's Congress (NPC) Standing Committee on Monday, which was presided over by the committee's chairman Zhang Dejiang.

The Supreme People's Court and the Supreme People's Procuratorate will have their reports reviewed at the upcoming meeting, which will also see the removal and appointment of officials.

 

[Bussard Ramjet]

Building Asia’s new bank: An address by Jin Liqun, president-designate of the Asian Infrastructure Investment Bank | Brookings Institution


A good good talk.

He has always been a great speaker, and a great promoter of China's interests. A must must watch!

You must just see this video. A must see, the way he demolishes the US crowd, infront of them.

 

[Bussard Ramjet]

@AndrewJin @TaiShang @cirr @cnleio @Shotgunner51 @tranquilium @FairAndUnbiased

Just see at 11:47

"We have never over reacted to hurtful and negative comments over our initiative.

We are very calm, we will remain very serene.

(a small laugh)

And you see fierce opposition and behind the screen lobbying against China.... could be .... could be handled"

 

[大汉奸柳传志]

We call him “babarian handler” for a good reason.

 

[Bussard Ramjet]

We call him “babarian handler” for a good reason.

Meaning?

 

[大汉奸柳传志]

Meaning?

he is a natural for sway foreigners

 

[ahojunk]

AIIB to be run with highest standards of '21st century governance'
Xinhua | Updated: 2015-10-22 17:14

WASHINGTON - The Asian Infrastructure Investment Bank (AIIB) will be built into a new type of development bank with "21st century governance," said Jin Liqun, president-designate of the institution, on Wednesday.

"I've decided to take up this honorable job, understanding that Chinese leaders intended to create a first-class multilateral development institution with 21st century governance," said Jin at an event held by Brookings Institution, a Washington-based think tank.

"I will not have taken this job without this condition," said Jin, who has many years of experience as high-ranking officials at the World Bank and the Asian Development Bank.

Jin was appointed by the Chinese government in February 2014 to head the Working Group to establish the AIIB, which has once been widely doubted by Western countries, especially the United States.

Now, the bank has 57 prospective founding countries including several US allies and will have an authorized capital of $100 billion. It is expected to start operation by the end of this year.

Jin said the creation of the AIIB is the results of the efforts of all the prospective founding members who agreed that the governance of the institution should be measured up to "the highest possible standards," combining the merits of the existing multilateral development banks and those of the successful private sector companies.

"When you see today the results of the efforts of all the prospective founding members, a new type of development bank is taking shape, a new development bank with 21st century governance," said Jin.

Jin said depending on rigorous implementation of the governance, the AIIB will be "lean, clean and green."

To keep lean means there should be no redundant positions, said Jin. "If you allow one redundant position today there will be two, there will be three and there will be four. Once the redundancies become massive, it' s very hard for you to cut it out. So we have to be cautious of keeping lean."

Jin vowed to take a "zero tolerance" approach toward corruption in the AIIB as he has already done very successfully in the World Bank when his team managed about $40 billion.

"Under my leadership not a single staff member was involved in corruption cases. None of them was put into prison just because I implemented the anti-corruption policy. It's the implementation. It's not the policy on papers that matters. It's the way you deal with it in a very tough way. If you as a head is clean nobody dares to do it. That's the key." Jin said.

The AIIB will enjoy a "first-class top management" as the bank will have universal recruitment and universal procurement, a new feature of AIIB compared to the existing multilateral development banks and the fundamental guarantee for its success, said Jin.

"We do not reject any nationals even if their countries are not members. We do not reject professionals from the highest caliber just because their passports. We do not reject any companies to help develop infrastructure just because their countries are not members," said Jin.

Talking about the relationship between the AIIB and the World Bank, the Asian Development Bank and other existing multilateral development banks, Jin said the AIIB is not a rival to them and is cooperating with them very smoothly at present.

"Hopefully the AIIB will also be a boost to the reform process in those institutions," he added.

Jin also said the AIIB is not created exclusively for the Belt and Road Initiative, but a bank to cover all the developing countries in Asia.

"Of course some countries in the 'One Belt and One Road' area are members, we certainly should help them, but we will not neglect those countries which are not part of it," he said.

The professional teams in the AIIB are preparing for the first batch of projects which might be launched in the second quarter of 2016, Jin said.
.