PAY ATTENTION TO "AIIB" - 47 Countries to Join China Led Development Bank
The number of countries applying to be founding members of the Asian Infrastructure Investment Bank (AIIB) rose to 46 by the Tuesday deadline.
The AIIB is a multilateral development bank
proposed by China to provide financing to infrastructure projects in the
Asia region.
The soaring participation reflects China's
growing international clout and many countries’ desire for a more
inclusive, balanced and mutually beneficial international economic
order, Xinhua news agency reported.
The growing infrastructure demand in
cash-strapped Asian countries will necessitate the need for more than
$700 billion each year by 2020.
More countries are urging Washington to approve
IMF quota reforms to allow a better balance of power, but previous
attempts to give greater weight to rising states have stalled out of national interests.
This is exactly where the AIIB, a China-proposed
international lender open to all qualified countries, came in ready to
finance major infrastructure projects in Asia and meet the growing
demand for a more inclusive and balanced international financial order.
Focused as it is on infrastructure development in Asia, the AIIB offers abundant trade and investment opportunities also for developed countries with advanced technology.
47 countries have already applied to join AIIB
including China, India, Indonesia, Israel, Bangladesh, Brunei, Cambodia,
Jordan, Kazakhstan, Kuwait, Laos, Maldives, Malaysia, Mongolia,
Myanmar, Nepal, New Zealand, Oman, Pakistan, Philippines, Qatar, Saudi
Arabia, Singapore, Sri Lanka, Tajikistan, Uzbekistan, Thailand, Vietnam,
France, Germany, Italy, the United Kingdom, Luxembourg, Switzerland,
Austria, Turkey, South Korea, Brazil, Russia, Georgia, the Netherlands,
Denmark, Australia, Egypt, Finland, Kyrgyzstan and Sweden.
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