Goood morning multi polar world!
Damn.
Nothin like that fresh smell in the morning, the smell of money!
"
http://thebricspost.com/china-led-aiib-world-bank-to-approve-joint-projects-...
China-led AIIB, World Bank to approve joint projects in June
April 14, 2016, 6:35 am
Picture: World Bank President Jim Yong Kim (R) and Asian
Infrastructure Investment Bank (AIIB) President Jin Liqun exchange
documents after signing the first co-financing framework agreement at
the headquarters of World Bank in Washington D.C., the United States,
April 13, 2016 [Xinhua]
The China-led AIIB, alongwith the World Bank and the Asian Development
Bank will approve the first batch of co-financed projects in June,
AIIB President Jin Liqun said Wednesday.
“I would say a huge amount of chemistry has already been nurtured
between the AIIB and the World Bank, the AIIB and the ADB,” Jin said
at an event in Washington.
“We are working with the World Bank and the ADB for co-financing.
Maybe in June, we could have couples of projects approved by the World
Bank, by the ADB, and by us” he said.
The US had officially opposed the creation of the Asian Infrastructure
Investment Bank (AIIB) (
http://www.ft.com/intl/cms/s/0/23c51438-64ca-11e5-a28b-50226830d644.html
-
). The emergence of the world’s first major multilateral development
bank in a generation had riled up many at the World Bank.
The China-led international lender, AIIB, is also “processing
freestanding projects” prepared by its own experts, Jin said on
Wednesday.
“Infrastructure projects are very large.
It’s not a very good idea for one bank to spend 2 billion or 3 billion
U.S. dollars on one project,” he said, adding that there is vast room
for cooperation among multilateral development banks.
The $100-billion Asian Infrastructure Investment Bank will boost
infrastructure investment in Asia and improve integration, China’s
President Xi Jinping said in January this year.
In its first year of operation, the AIIB expects to approve about $1.2
billion in financing, some of these will be in joint projects with the
World Bank.
“When we work together, we can actually help the host country improve
its macroeconomic policy environment,” he argued.
As the pent-up demand for infrastructure could be as high as 10
trillion dollars over the next decade, Jin said there’s no competition
but “only cooperation and coordination” between the AIIB and other
development banks.
<everybody happy profit>
On Wednesday, the AIIB and the World Bank signed the first
co-financing framework agreement, paving the way for their cooperation
on joint projects this year.
“Signing this agreement enables our institutions to finance
development projects together, and that is an important first step
toward working with a new partner to address the world’s huge
infrastructure needs,” World Bank President Jim Yong Kim said.
While there are huge demands for infrastructure in Asia, Jin said the
AIIB has to “be selective” and invest in good projects that meet its
standards of “financially sustainable, environmentally friendly and
socially acceptable.”
Given the broad definition of infrastructure in the bank’s mandate,
Jin said the AIIB could provide finance for non-physical
infrastructure like health and education in the future.
Jin also noted that the AIIB could support projects under China’s Belt
and Road initiative, but it was not created exclusively for this
initiative.
“We would finance infrastructure projects in all emerging market
economies even though they don’t belong to the Belt and Road
initiative,” he said.
The AIIB has 57 prospective founding members, including some key US
allies, with an authorized capital of $100 billion.
The bank was formally established in Beijing in December last year and
started operation in January.
The AIIB is one of three entities China is promoting, along with a
joint $100 billion BRICS Development Bank and a $40 billion Silk Road
Fund.
TBP and Agencies
"
So US power players decided they not want to sing too many refrains of
"I'm ronely, so ronely" joining the party instead.
