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ASIAN INFRASTRUCTURE INVESTMENT BANK The AllB (Asian Infrastructure Investment Bank) was first proposed by the Chinese President Xi Jinping in October 2013. A year later, at its official launch in Beijing, 21 Asian nations, including China, had signed up to be the foundation members. .Currently another 21 nations- including Australia, the United Kingdom, New Zealand, Germany and France-have expressed a desire to join as well. .An interesting applicant is Taiwan-which signed up just before the April 1, 2015 deadline-although issues around its membership name may complicate the deal. Russia also left it to the last minute to fire in its application. Chinese media reported that only 30 of the 42 member applications have been accepted. The Chinese foreign ministry has said that the full list of countries approved as founding members would be released by mid-April 2015.
ASIAN INFRASTRUCTURE INVESTMENT BANK The AlIB is aimed at providing finance to infrastructure projects in the Asia region, as a multilateral instituion. It is planned to operate broadly in the same manner as existing multilateral development banks (MDBs) such as the World Bank and the Asian Development Bank (ADB). e .While much of the debate is centred on whether the AllB will complement or compete with existing organisations, it is intended to be more a commercial bank-with nations as shareholders, than a purely developmentaid institution. .The AllB will start with an authorised capital base of US$ 1 billion to be enhanced to US $ 100 billion. Experts have termed it as a rival for the International Monetary Fund (IMF), the World Bank (WB) and the Asian Development Bank (ADB), which are regarded as dominated by developed countries like the United States. .The United Nations has addressed the launch of the AlIB as 'scaling up financing for sustainable development' and for the concern of Global Economic Governance
ASIAN INFRASTRUCTURE INVESTMENT BANK As per the experts and analysts, there are several factors which are behind such an initiative coming from China. Major ones are as given below: (i) The Chinese government has been frustrated with what it regards as the slow pace of reforms and governance, and wants greater input in global established institutions like the IMF, World Bank and Asian Development Bank which it claims are dominated by American, European and Japanese interests. .(ii) The ADB, a Manila-based regional development bank designed to facilitate economic development in Asia, estimated in a report that developing Asian countries have an infrastructure demand of about US$ 8 trillion between 2010-2020 $2.5 trillion for roads and railroads, $4.1 trillion for power plants and transmission, $1.1 trillion for telecommunications, and $0.4 trillion for water and sanitation investments.23 ii) Oxford Economics reported that by 2025, the region will constitute 60 per cent of global infrastructure investment, with China's share alone is expected to increase from around 22 per cent to 36 per cent over the next decade.
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