Clean Lean And Green? A Short Briefing on the Asian Infrastructure Investment Bank
The Centre for Financial Accountability aims to strengthen and improve financial accountability within India by engaging in critical analysis, monitoring and critique of the role of financial institutions – national and international, and their impact on development, human rights and the environment, amongst other areas. For more information visit http://www.cenfa.org Get in touch with us at info@cenfa.org
We also publish Finance Matters, a weekly newsletter on the development finance. Archive can be accessed at http://www.cenfa.org/newsletter-archive/
To subscribe, email us at newsletter@cenfa.org
The Asian Development Bank (ADB) is a regional development bank established in 1966 to promote economic development in Asia. It has 67 members, with 48 from Asia and the Pacific and 19 outside the region. ADB provides loans and technical assistance for projects focused on social and economic progress. It obtains funds from capital contributions and global markets, and its highest governing body is the Board of Governors composed of representatives from member states.
The document discusses the state of the Chinese economy and banking system. It provides an overview of China's economy, noting that GDP growth is expected to further slow as the country transitions to a more consumption-driven model with tighter credit. It also summarizes China's national debt levels and financial markets, highlighting concerns about the large shadow banking sector and potential defaults. The document concludes with studies on several major Chinese banks and observations about credit quality risks.
Prespective On Chinese Financial System and policy-reforms-Regmi Milan
The document discusses the history and development of China's financial system. It describes the traditional Chinese financial institutions like piaohao and qianzhuang that dominated before the 19th century. It then discusses the entry of Western banks in China and the establishment of the modern banking system after 1949 when the People's Bank of China was formed. The document also summarizes China's current financial regulators and reforms being made to develop capital markets and increase direct financing.
This document summarizes China's financial system and issues with capital allocation to the private sector. It notes that China's banking system is state-dominated and focuses lending on state-owned enterprises rather than small-and-medium enterprises. While SMEs contribute significantly to China's economy, they face difficulties obtaining financing due to factors like a lack of collateral. The document compares China's financial system to measures in other countries and finds that capital markets are underdeveloped and a smaller proportion of credit goes to the private sector in China than elsewhere. It concludes China's financial institutions have struggled to efficiently allocate capital to private sector development and SMEs.
This document discusses the role of commercial banks in microfinance in Pakistan. It notes that while microfinance traditionally served those without access to formal financial services, involving commercial banks could help expand access to millions more. Commercial banks provide a widespread branch network and expertise in financial services that could better reach the microfinance market. While commercial bank rates may be higher, the costs of serving many small, rural customers justify this. The document also outlines the regulatory framework for microfinance in Pakistan and the State Bank of Pakistan's efforts to develop the industry.
Is the System of Shadow Banking in China a risk for the Chinese Financial Sys...Oriol Caudevilla
The shadow banking system in Mainland China has experienced a rapid growth since the global financial crisis, surprisingly rebounding in the first quarter of this year, despite the many efforts by the central bank to curb off-balance activities. Since Chinese regulators discourage lending to certain industries, large state-controlled banks dominate the system (the state provides a great deal of direction to them), the limit of bank loans to deposit is constraining, the need for an alternative system of financing has arisen in China. Shadow banks, for instance, are not subject to bank limits on loan or deposit rates, avoid costly PBOC reserve requirements and, basically, allow many companies that cannot obtain financing through regular bank loans or bonds to obtain such financing. Does shadow banking imply a risk for the whole of the Chinese financial system? Is there a real need for shadow banking activities in China? How can the Chinese authorities curb shadow banking but, at the same time, meet the needs of all these companies that require financial services to be more widely available in China?
The document summarizes opportunities for engaging Tanzania's diaspora given the country's economic and financial development over the past 50 years. Specifically:
1) Tanzania has achieved macroeconomic stability and strong GDP growth following financial sector reforms in the 1990s.
2) This stability and ongoing reforms to infrastructure, agriculture, and business environment present opportunities for diaspora engagement through investments, remittances, and trade.
3) The government is taking further measures to deepen financial markets and ease access for diaspora investments in areas like housing, SMEs, and government securities.
This document discusses three key issues between the Reserve Bank of India (RBI) and the Government of India (GoI):
1) The creation of an authority to manage public debt in India, which is large relative to GDP.
2) The need to regulate the market for government securities, and whether this role should remain with RBI or be transferred to the Securities and Exchange Board of India (SEBI) to avoid conflicts of interest.
3) The composition of the Monetary Policy Committee, which sets interest rates, and whether it should include external members appointed by the GoI in addition to RBI members.
The Asian Development Bank (ADB) is a regional development bank established in 1966 to promote economic development in Asia. It has 67 members, with 48 from Asia and the Pacific and 19 outside the region. ADB provides loans and technical assistance for projects focused on social and economic progress. It obtains funds from capital contributions and global markets, and its highest governing body is the Board of Governors composed of representatives from member states.
The document discusses the state of the Chinese economy and banking system. It provides an overview of China's economy, noting that GDP growth is expected to further slow as the country transitions to a more consumption-driven model with tighter credit. It also summarizes China's national debt levels and financial markets, highlighting concerns about the large shadow banking sector and potential defaults. The document concludes with studies on several major Chinese banks and observations about credit quality risks.
Prespective On Chinese Financial System and policy-reforms-Regmi Milan
The document discusses the history and development of China's financial system. It describes the traditional Chinese financial institutions like piaohao and qianzhuang that dominated before the 19th century. It then discusses the entry of Western banks in China and the establishment of the modern banking system after 1949 when the People's Bank of China was formed. The document also summarizes China's current financial regulators and reforms being made to develop capital markets and increase direct financing.
This document summarizes China's financial system and issues with capital allocation to the private sector. It notes that China's banking system is state-dominated and focuses lending on state-owned enterprises rather than small-and-medium enterprises. While SMEs contribute significantly to China's economy, they face difficulties obtaining financing due to factors like a lack of collateral. The document compares China's financial system to measures in other countries and finds that capital markets are underdeveloped and a smaller proportion of credit goes to the private sector in China than elsewhere. It concludes China's financial institutions have struggled to efficiently allocate capital to private sector development and SMEs.
This document discusses the role of commercial banks in microfinance in Pakistan. It notes that while microfinance traditionally served those without access to formal financial services, involving commercial banks could help expand access to millions more. Commercial banks provide a widespread branch network and expertise in financial services that could better reach the microfinance market. While commercial bank rates may be higher, the costs of serving many small, rural customers justify this. The document also outlines the regulatory framework for microfinance in Pakistan and the State Bank of Pakistan's efforts to develop the industry.
Is the System of Shadow Banking in China a risk for the Chinese Financial Sys...Oriol Caudevilla
The shadow banking system in Mainland China has experienced a rapid growth since the global financial crisis, surprisingly rebounding in the first quarter of this year, despite the many efforts by the central bank to curb off-balance activities. Since Chinese regulators discourage lending to certain industries, large state-controlled banks dominate the system (the state provides a great deal of direction to them), the limit of bank loans to deposit is constraining, the need for an alternative system of financing has arisen in China. Shadow banks, for instance, are not subject to bank limits on loan or deposit rates, avoid costly PBOC reserve requirements and, basically, allow many companies that cannot obtain financing through regular bank loans or bonds to obtain such financing. Does shadow banking imply a risk for the whole of the Chinese financial system? Is there a real need for shadow banking activities in China? How can the Chinese authorities curb shadow banking but, at the same time, meet the needs of all these companies that require financial services to be more widely available in China?
The document summarizes opportunities for engaging Tanzania's diaspora given the country's economic and financial development over the past 50 years. Specifically:
1) Tanzania has achieved macroeconomic stability and strong GDP growth following financial sector reforms in the 1990s.
2) This stability and ongoing reforms to infrastructure, agriculture, and business environment present opportunities for diaspora engagement through investments, remittances, and trade.
3) The government is taking further measures to deepen financial markets and ease access for diaspora investments in areas like housing, SMEs, and government securities.
This document discusses three key issues between the Reserve Bank of India (RBI) and the Government of India (GoI):
1) The creation of an authority to manage public debt in India, which is large relative to GDP.
2) The need to regulate the market for government securities, and whether this role should remain with RBI or be transferred to the Securities and Exchange Board of India (SEBI) to avoid conflicts of interest.
3) The composition of the Monetary Policy Committee, which sets interest rates, and whether it should include external members appointed by the GoI in addition to RBI members.
Changing Issues Related to Declining of Non-Performing Assets in Banksijtsrd
This paper explores an empirical approach to the analysis of Non Performance Assets NPAs of public, private, and foreign sector banks in India. the NPAs are considered as an important parameter to judge the performance and financial health of banks. The level of NPAs is one of the drivers of financial stability and growth of the banking sector. This paper aims to find the fundamental factors which impact NPAs of banks. A model consisting oftivo types of factors, viz., macroeco nomie factors and bank specific parameters, is developed arid the behavior of NPAs of the three categories of banks is observed. The empirical analysis assesses how macroeconomic factors and bank specific parameters affect NPAs of a particular category of banks. The results show that movement in NPAs over the years can be explained well by the factors considered in the model for the public and private sector banks. The other important results derived from the analysis include the finding that banks exposure to priority sector lending educes NPAs. The Impact of competitive culture of public,, private, and foreign sector banks in India with in themselves helpes in declining of NPAs from banks. Dr. Mohan S. Rode "Changing Issues Related to Declining of Non-Performing Assets in Banks" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-4 | Issue-1 , December 2019, URL: https://www.ijtsrd.com/papers/ijtsrd29684.pdf Paper URL: https://www.ijtsrd.com/management/other/29684/changing-issues-related-to-declining-of-non-performing-assets-in-banks/dr-mohan-s-rode
Changing Landscape of Development Finance in Asia & Concerns for Civil SocietyRaffy Simbol
Keynote speech/presentation by Shalmali Guttal, Executive Director of Focus on the Global South, during the "Asian People's Call on Challenging the Asian Development Bank's Immunity Conference". 20 April, 2017, University of the Philippines - School of Labor and Industrial Relations.
This document discusses 10 major challenges confronting the Reserve Bank of India and opportunities for commercial banks to address some of these challenges. The challenges include propelling domestic growth, controlling persistent inflation, mitigating external sector vulnerabilities, and improving various aspects of the financial system. It outlines how inflation impacts household savings and investment. It also discusses opportunities for banks in sectors like MSME, agriculture, housing, and infrastructure to help boost growth. Banks can play a role in curbing food inflation through financing supply chains and providing short-term credit to vendors. Addressing these challenges will require balancing monetary policy objectives of growth and inflation.
The Infrastructure sector has been the key driver for the Indian economy. The sector is critically important for sustaining the momentum of the economic growth, and the Government has undertaken policy interventions and initiatives to boost the sector.
Foreign Direct Investment (FDI) received in the construction sector (including townships, housing and built-up infrastructure) from April 2000 to March 2017 is estimated at USD 24.3 billion.
CII, over the years, has been working very closely with stakeholders across the infrastructure verticals to stimulate greater private sector investment. This edition of the Policy Watch focuses on the infrastructure sector.
- Global economic governance is currently undergoing a significant transformation led by China and its emerging economy partners through the reform of established organizations and creation of parallel institutions like the New Development Bank.
- The NDB aims to provide infrastructure financing to BRICS countries and other developing nations, complementing traditional donors, but may also dilute development standards.
- After failing to present a united front on the Asian Infrastructure Investment Bank, the EU should develop a strategic response to this new institution led by non-Western powers to protect its interests and values in global economic governance.
American Research Journal of Humanities & Social Science (ARJHSS) is a double blind peer reviewed, open access journal published by (ARJHSS).
The main objective of ARJHSS is to provide an intellectual platform for the international scholars. ARJHSS aims to promote interdisciplinary studies in Humanities & Social Science and become the leading journal in Humanities & Social Science in the world.
The reasons for the sharp focus on recent state elections last month could have a number of reasons. While political commentators liked to see it as report card on the central government’s performance and a bellwether for its fortunes in the general elections in 2019, it also underscored the growing importance of state performance in determining the fortunes of the economy as a whole.
This might seem somewhat obvious – the national economy has to be the sum of its parts. While that is true, the economic policy and implementation ball is now firmly in the states’ court. States are bigger spenders on capex than the federal government, in 2017-18 they will borrow more form the debt markets than the centre and so forth. The smooth implementation of GST will depend on the support and ease of implementation by states. And so forth …
The implication is that, be in domains as diverse as corporate strategy and interest rate behavior, states will increasingly start pulling their weight. It is thus important to track their economic health more closely. On our part we are bringing out a series of reports on different facets of their performance. The first, ‘The state of the states’ focuses on issues related to growth and fiscal performance.
The report involves ranking of states. While we believe that our methodology is defensible, we by no means claim that this is the ‘holy grail’ of ranking states. Ranks could be different and these differences would depend principally on the variables. However a casual glance would suggest that our ranks based only on growth and fiscal health are not wildly different from others who choose to do their exercise based on another basket of parameters.
For those interested in growth, fiscal capacity and performance, the state bond (SDL) market, recent reforms such as UDAY and ultimately their future growth and fiscal paths, we hope this report will make for some compelling reading.
The 120th SLBC meeting was held in Bhubaneswar on May 26, 2010 under the chairmanship of S.K. Goel, CMD of UCO Bank. Key highlights included the Honorable Finance Minister of Orissa urging banks to improve CD ratios, increase lending to priority sectors like agriculture and MSMEs, and adopt the BC model for NREGA payments. The Agriculture Production Commissioner emphasized the need to increase CD ratios and priority sector lending. The RBI Regional Director pledged RBI's full cooperation and support to achieve 100% financial inclusion. Action plans were discussed to boost credit in sectors like horticulture, handicrafts, and cashew processing.
The Seventh Bharat Ratna Rajiv Gandhi Memorial Lecture was delivered by Dr. C. Rangarajan, the then Chairman of the Economic Advisory Council to the Prime Minister of India, on 20 August, 2008 at Hotel Bliss, Tirupati, Andhra Pradesh, under the aegis of the Academy of Grassroots Studies and Research of India (AGRASRI), Tirupati, Andhra Pradesh. Dr. D. Sundar Ram, Director of the AGRASRI, Co-ordinate the programme.
Pan-African banks- stylised facts and results of a pilot surveyJean Philippe Stijns
This document discusses recent trends in banking in sub-Saharan Africa. It notes that while banking sectors in SSA are generally underdeveloped, they have been deepening rapidly in recent years, with improving access to finance. Pan-African banks have played a role in this growth, expanding across borders and increasing competition. These banks have larger scale operations than most SSA banks and have continued expanding in recent years. The document also discusses factors that have contributed to the high costs of banking in SSA, such as small market sizes and population densities outside major cities.
Banking sector developments in emerging markets a review of recent developmen...Alexander Decker
This document summarizes recent developments in the banking sector across Africa. It finds that financial deepening, as measured by indicators like private credit to GDP, has increased across the continent from 1999-2010, with the highest growth in North Africa. Banking sectors in North African countries like Egypt, Algeria, and Tunisia are dominated by large state-owned banks, while Morocco has a more private bank-dominated system. East and Central Africa generally lag behind other regions in terms of financial deepening indicators. The document provides statistics and analysis on banking sector trends in various African countries and regions.
The document discusses suitable investment instruments for a retail investor given the current economic environment in India. It recommends equity linked savings schemes (ELSS), health insurance policies, and gilt funds. For a hypothetical retail investor with a monthly income of Rs. 2 lakhs, it suggests investing Rs. 10,000 in ELSS, Rs. 8,000 in gilt funds, and Rs. 28,000 in health insurance. These instruments provide good returns and low risk suited for retail investors in the current economic scenario of moderate GDP growth, inflation, and business cycles in India.
Micro Financing Of Small and Medium Enterprises (Smes) In Zambiainventionjournals
International Journal of Business and Management Invention (IJBMI) is an international journal intended for professionals and researchers in all fields of Business and Management. IJBMI publishes research articles and reviews within the whole field Business and Management, new teaching methods, assessment, validation and the impact of new technologies and it will continue to provide information on the latest trends and developments in this ever-expanding subject. The publications of papers are selected through double peer reviewed to ensure originality, relevance, and readability. The articles published in our journal can be accessed online.
Role Of Private Sector Banks In Financial Inclusion: A Case Study On West-BengalIJRES Journal
The banking industry has shown tremendous growth in volume and complexity during the last few decades, the main concern is that the banks have not been able to reach and bring vast segment of the society into the fold of basic banking sector. Financial inclusion, of late has become one of the major attentions in academic research, public policy, seminars in view of its important role in aiding economic development of the resource poor developing economies. RBI has also taken up different measures to improve the financial inclusiveness of the economy of the country. Rangarajan Committee (2008) on financial inclusion stated that “Financial inclusion may be defined as the process of ensuring access to financial services and timely and adequate credit where needed by vulnerable groups such as weaker sections and low income groups at an affordable cost”. West-Bengal is one of the most dispersed state in terms of financial inclusion, where only North 24 Parganas and Kolkata showed high levels of inclusiveness (RBI Working Papers). This paper puts emphasis on the present scenario of financial inclusion in the state and outreach of private sector banks (member of SLBC, West-Bengal) in reaching out the different excluded section of the society.
Does Bank Credit Have Any Impact on Nigeria’s Domestic Investment?iosrjce
There is an extensive literature on the role of the bank lending and credit facilities in Nigeria but
most of these literature concentrate on its impact on the gross domestic product. This study focuses on the
impact of Nigeria’s banking sector on domestic investment from 1980 to 2012 bearing in mind that funding is
one of the major challenges of domestic entrepreneurs in Nigeria. A domestic investment model was adopted
and the unit root test was first applied to the data set. All the data are stationary and the ordinary least square
method was used to identify the impact of capital market activities on domestic investment in Nigeria using the
cointegration technique. Findings reveal that bank credit negatively though significantly impacted on domestic
investment in the long run while its short run impact is both positive and significant. This is an indication that
financial intermediation (captured by bank credit to private sector) is a strong driver of domestic investment in
Nigeria only in the short run. The study thus recommends amongst others, the strengthening of Nigeria’s
banking system with more funds and supervisions as well as the encouragement of both foreign and domestic
investments through government’s creation of a more conducive political and economic climate.
The document discusses public-private partnerships (PPP) for infrastructure development in ASEAN member states. It notes that while PPP is increasingly seen as an alternative to traditional financing, there are still many challenges to its utilization, especially in less developed ASEAN countries. The key issues discussed include misunderstandings around the roles of financing versus funding in PPP projects, differences in economic development levels across ASEAN states, and the need for simpler "lite PPP" models for smaller infrastructure projects. The document argues for a better understanding of PPP as one financing option among others, and consideration of each country's capabilities and project characteristics when determining the appropriate model.
Financial Inclusion and its Determinants - IndiaDr Lendy Spires
This document summarizes a study that analyzes the determinants of financial inclusion in India using state-level panel data from 1995 to 2008. The study finds that increasing bank branch networks, as measured by average population per branch, has a beneficial impact on deposit penetration but a weaker impact on credit penetration. Higher state income levels are also found to have a positive impact on both credit and deposit penetration. Additionally, states with higher proportions of factories and employees tend to have greater banking activity and financial inclusion. The study concludes that policy attention should focus on low-performing regions to help close gaps in financial inclusion compared to better-performing regions.
FINANCIAL INCLUSION A RETROSPECTIVE APPRAISALDr Lendy Spires
This chapter provides an overview of India's financial inclusion policies and programs implemented by the government and Reserve Bank of India over time. It analyzes the current state of financial inclusion in India from both demand and supply sides. While efforts have been made to enhance access through rural bank branches, self-help groups, and priority sector lending, a large unmet demand remains, especially among poorer populations. The chapter compares India's financial inclusion metrics to other countries and outlines the existing financial inclusion architecture and its limitations in fully addressing rural credit needs.
The document discusses China's new Asian Infrastructure Investment Bank (AIIB) and its potential implications. In 3 sentences:
The AIIB aims to address Asia's large infrastructure funding gap and could give China significant influence in global finance by providing an alternative to Western-dominated institutions like the World Bank. While many countries have joined the AIIB, seeing potential economic benefits, others like the US and Japan remain absent due to concerns the bank could undermine their interests. The success and impact of the AIIB remains uncertain as it faces challenges in balancing the interests of members and maintaining standards of governance and environmental sustainability.
The Asian region has experienced the emergence of new MDBs over last few years. For many years, the Asian Development Bank was the only development bank in the region and has been dominated by the Japanese owing to the number of votes it has as compared to other members. However, the newly constituted NDB in 2014 has two key Asian members, India and China. The Asian Infrastructure Investment Bank (AIIB) led and initiated by China in 2015, and with a mandate to have at minimum 70% of shares allocated to Asian countries is sure to become another major player to support infrastructure development activities of the region as well as global south. The AIIB and NDB are two separate entities in their operations and constitution even though there are overlaps in memberships of the two banks.
The Centre for Financial Accountability aims to strengthen and improve financial accountability within India by engaging in critical analysis, monitoring and critique of the role of financial institutions – national and international, and their impact on development, human rights and the environment, amongst other areas. For more information visit http://www.cenfa.org Get in touch with us at info@cenfa.org
We also publish Finance Matters, a weekly newsletter on the development finance. The archive can be accessed at http://www.cenfa.org/newsletter-archive/
To subscribe, email us at newsletter@cenfa.org
The Asian Development Bank (ADB) is a regional development bank established in 1966 to promote economic development in Asia. It has 67 members, with Japan and the US as the largest shareholders. ADB provides loans, grants and technical assistance to support projects focused on sustainable economic growth, social development and governance in Asian countries. Its long term goals include reducing poverty and achieving the Millennium Development Goals.
Changing Issues Related to Declining of Non-Performing Assets in Banksijtsrd
This paper explores an empirical approach to the analysis of Non Performance Assets NPAs of public, private, and foreign sector banks in India. the NPAs are considered as an important parameter to judge the performance and financial health of banks. The level of NPAs is one of the drivers of financial stability and growth of the banking sector. This paper aims to find the fundamental factors which impact NPAs of banks. A model consisting oftivo types of factors, viz., macroeco nomie factors and bank specific parameters, is developed arid the behavior of NPAs of the three categories of banks is observed. The empirical analysis assesses how macroeconomic factors and bank specific parameters affect NPAs of a particular category of banks. The results show that movement in NPAs over the years can be explained well by the factors considered in the model for the public and private sector banks. The other important results derived from the analysis include the finding that banks exposure to priority sector lending educes NPAs. The Impact of competitive culture of public,, private, and foreign sector banks in India with in themselves helpes in declining of NPAs from banks. Dr. Mohan S. Rode "Changing Issues Related to Declining of Non-Performing Assets in Banks" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-4 | Issue-1 , December 2019, URL: https://www.ijtsrd.com/papers/ijtsrd29684.pdf Paper URL: https://www.ijtsrd.com/management/other/29684/changing-issues-related-to-declining-of-non-performing-assets-in-banks/dr-mohan-s-rode
Changing Landscape of Development Finance in Asia & Concerns for Civil SocietyRaffy Simbol
Keynote speech/presentation by Shalmali Guttal, Executive Director of Focus on the Global South, during the "Asian People's Call on Challenging the Asian Development Bank's Immunity Conference". 20 April, 2017, University of the Philippines - School of Labor and Industrial Relations.
This document discusses 10 major challenges confronting the Reserve Bank of India and opportunities for commercial banks to address some of these challenges. The challenges include propelling domestic growth, controlling persistent inflation, mitigating external sector vulnerabilities, and improving various aspects of the financial system. It outlines how inflation impacts household savings and investment. It also discusses opportunities for banks in sectors like MSME, agriculture, housing, and infrastructure to help boost growth. Banks can play a role in curbing food inflation through financing supply chains and providing short-term credit to vendors. Addressing these challenges will require balancing monetary policy objectives of growth and inflation.
The Infrastructure sector has been the key driver for the Indian economy. The sector is critically important for sustaining the momentum of the economic growth, and the Government has undertaken policy interventions and initiatives to boost the sector.
Foreign Direct Investment (FDI) received in the construction sector (including townships, housing and built-up infrastructure) from April 2000 to March 2017 is estimated at USD 24.3 billion.
CII, over the years, has been working very closely with stakeholders across the infrastructure verticals to stimulate greater private sector investment. This edition of the Policy Watch focuses on the infrastructure sector.
- Global economic governance is currently undergoing a significant transformation led by China and its emerging economy partners through the reform of established organizations and creation of parallel institutions like the New Development Bank.
- The NDB aims to provide infrastructure financing to BRICS countries and other developing nations, complementing traditional donors, but may also dilute development standards.
- After failing to present a united front on the Asian Infrastructure Investment Bank, the EU should develop a strategic response to this new institution led by non-Western powers to protect its interests and values in global economic governance.
American Research Journal of Humanities & Social Science (ARJHSS) is a double blind peer reviewed, open access journal published by (ARJHSS).
The main objective of ARJHSS is to provide an intellectual platform for the international scholars. ARJHSS aims to promote interdisciplinary studies in Humanities & Social Science and become the leading journal in Humanities & Social Science in the world.
The reasons for the sharp focus on recent state elections last month could have a number of reasons. While political commentators liked to see it as report card on the central government’s performance and a bellwether for its fortunes in the general elections in 2019, it also underscored the growing importance of state performance in determining the fortunes of the economy as a whole.
This might seem somewhat obvious – the national economy has to be the sum of its parts. While that is true, the economic policy and implementation ball is now firmly in the states’ court. States are bigger spenders on capex than the federal government, in 2017-18 they will borrow more form the debt markets than the centre and so forth. The smooth implementation of GST will depend on the support and ease of implementation by states. And so forth …
The implication is that, be in domains as diverse as corporate strategy and interest rate behavior, states will increasingly start pulling their weight. It is thus important to track their economic health more closely. On our part we are bringing out a series of reports on different facets of their performance. The first, ‘The state of the states’ focuses on issues related to growth and fiscal performance.
The report involves ranking of states. While we believe that our methodology is defensible, we by no means claim that this is the ‘holy grail’ of ranking states. Ranks could be different and these differences would depend principally on the variables. However a casual glance would suggest that our ranks based only on growth and fiscal health are not wildly different from others who choose to do their exercise based on another basket of parameters.
For those interested in growth, fiscal capacity and performance, the state bond (SDL) market, recent reforms such as UDAY and ultimately their future growth and fiscal paths, we hope this report will make for some compelling reading.
The 120th SLBC meeting was held in Bhubaneswar on May 26, 2010 under the chairmanship of S.K. Goel, CMD of UCO Bank. Key highlights included the Honorable Finance Minister of Orissa urging banks to improve CD ratios, increase lending to priority sectors like agriculture and MSMEs, and adopt the BC model for NREGA payments. The Agriculture Production Commissioner emphasized the need to increase CD ratios and priority sector lending. The RBI Regional Director pledged RBI's full cooperation and support to achieve 100% financial inclusion. Action plans were discussed to boost credit in sectors like horticulture, handicrafts, and cashew processing.
The Seventh Bharat Ratna Rajiv Gandhi Memorial Lecture was delivered by Dr. C. Rangarajan, the then Chairman of the Economic Advisory Council to the Prime Minister of India, on 20 August, 2008 at Hotel Bliss, Tirupati, Andhra Pradesh, under the aegis of the Academy of Grassroots Studies and Research of India (AGRASRI), Tirupati, Andhra Pradesh. Dr. D. Sundar Ram, Director of the AGRASRI, Co-ordinate the programme.
Pan-African banks- stylised facts and results of a pilot surveyJean Philippe Stijns
This document discusses recent trends in banking in sub-Saharan Africa. It notes that while banking sectors in SSA are generally underdeveloped, they have been deepening rapidly in recent years, with improving access to finance. Pan-African banks have played a role in this growth, expanding across borders and increasing competition. These banks have larger scale operations than most SSA banks and have continued expanding in recent years. The document also discusses factors that have contributed to the high costs of banking in SSA, such as small market sizes and population densities outside major cities.
Banking sector developments in emerging markets a review of recent developmen...Alexander Decker
This document summarizes recent developments in the banking sector across Africa. It finds that financial deepening, as measured by indicators like private credit to GDP, has increased across the continent from 1999-2010, with the highest growth in North Africa. Banking sectors in North African countries like Egypt, Algeria, and Tunisia are dominated by large state-owned banks, while Morocco has a more private bank-dominated system. East and Central Africa generally lag behind other regions in terms of financial deepening indicators. The document provides statistics and analysis on banking sector trends in various African countries and regions.
The document discusses suitable investment instruments for a retail investor given the current economic environment in India. It recommends equity linked savings schemes (ELSS), health insurance policies, and gilt funds. For a hypothetical retail investor with a monthly income of Rs. 2 lakhs, it suggests investing Rs. 10,000 in ELSS, Rs. 8,000 in gilt funds, and Rs. 28,000 in health insurance. These instruments provide good returns and low risk suited for retail investors in the current economic scenario of moderate GDP growth, inflation, and business cycles in India.
Micro Financing Of Small and Medium Enterprises (Smes) In Zambiainventionjournals
International Journal of Business and Management Invention (IJBMI) is an international journal intended for professionals and researchers in all fields of Business and Management. IJBMI publishes research articles and reviews within the whole field Business and Management, new teaching methods, assessment, validation and the impact of new technologies and it will continue to provide information on the latest trends and developments in this ever-expanding subject. The publications of papers are selected through double peer reviewed to ensure originality, relevance, and readability. The articles published in our journal can be accessed online.
Role Of Private Sector Banks In Financial Inclusion: A Case Study On West-BengalIJRES Journal
The banking industry has shown tremendous growth in volume and complexity during the last few decades, the main concern is that the banks have not been able to reach and bring vast segment of the society into the fold of basic banking sector. Financial inclusion, of late has become one of the major attentions in academic research, public policy, seminars in view of its important role in aiding economic development of the resource poor developing economies. RBI has also taken up different measures to improve the financial inclusiveness of the economy of the country. Rangarajan Committee (2008) on financial inclusion stated that “Financial inclusion may be defined as the process of ensuring access to financial services and timely and adequate credit where needed by vulnerable groups such as weaker sections and low income groups at an affordable cost”. West-Bengal is one of the most dispersed state in terms of financial inclusion, where only North 24 Parganas and Kolkata showed high levels of inclusiveness (RBI Working Papers). This paper puts emphasis on the present scenario of financial inclusion in the state and outreach of private sector banks (member of SLBC, West-Bengal) in reaching out the different excluded section of the society.
Does Bank Credit Have Any Impact on Nigeria’s Domestic Investment?iosrjce
There is an extensive literature on the role of the bank lending and credit facilities in Nigeria but
most of these literature concentrate on its impact on the gross domestic product. This study focuses on the
impact of Nigeria’s banking sector on domestic investment from 1980 to 2012 bearing in mind that funding is
one of the major challenges of domestic entrepreneurs in Nigeria. A domestic investment model was adopted
and the unit root test was first applied to the data set. All the data are stationary and the ordinary least square
method was used to identify the impact of capital market activities on domestic investment in Nigeria using the
cointegration technique. Findings reveal that bank credit negatively though significantly impacted on domestic
investment in the long run while its short run impact is both positive and significant. This is an indication that
financial intermediation (captured by bank credit to private sector) is a strong driver of domestic investment in
Nigeria only in the short run. The study thus recommends amongst others, the strengthening of Nigeria’s
banking system with more funds and supervisions as well as the encouragement of both foreign and domestic
investments through government’s creation of a more conducive political and economic climate.
The document discusses public-private partnerships (PPP) for infrastructure development in ASEAN member states. It notes that while PPP is increasingly seen as an alternative to traditional financing, there are still many challenges to its utilization, especially in less developed ASEAN countries. The key issues discussed include misunderstandings around the roles of financing versus funding in PPP projects, differences in economic development levels across ASEAN states, and the need for simpler "lite PPP" models for smaller infrastructure projects. The document argues for a better understanding of PPP as one financing option among others, and consideration of each country's capabilities and project characteristics when determining the appropriate model.
Financial Inclusion and its Determinants - IndiaDr Lendy Spires
This document summarizes a study that analyzes the determinants of financial inclusion in India using state-level panel data from 1995 to 2008. The study finds that increasing bank branch networks, as measured by average population per branch, has a beneficial impact on deposit penetration but a weaker impact on credit penetration. Higher state income levels are also found to have a positive impact on both credit and deposit penetration. Additionally, states with higher proportions of factories and employees tend to have greater banking activity and financial inclusion. The study concludes that policy attention should focus on low-performing regions to help close gaps in financial inclusion compared to better-performing regions.
FINANCIAL INCLUSION A RETROSPECTIVE APPRAISALDr Lendy Spires
This chapter provides an overview of India's financial inclusion policies and programs implemented by the government and Reserve Bank of India over time. It analyzes the current state of financial inclusion in India from both demand and supply sides. While efforts have been made to enhance access through rural bank branches, self-help groups, and priority sector lending, a large unmet demand remains, especially among poorer populations. The chapter compares India's financial inclusion metrics to other countries and outlines the existing financial inclusion architecture and its limitations in fully addressing rural credit needs.
The document discusses China's new Asian Infrastructure Investment Bank (AIIB) and its potential implications. In 3 sentences:
The AIIB aims to address Asia's large infrastructure funding gap and could give China significant influence in global finance by providing an alternative to Western-dominated institutions like the World Bank. While many countries have joined the AIIB, seeing potential economic benefits, others like the US and Japan remain absent due to concerns the bank could undermine their interests. The success and impact of the AIIB remains uncertain as it faces challenges in balancing the interests of members and maintaining standards of governance and environmental sustainability.
The Asian region has experienced the emergence of new MDBs over last few years. For many years, the Asian Development Bank was the only development bank in the region and has been dominated by the Japanese owing to the number of votes it has as compared to other members. However, the newly constituted NDB in 2014 has two key Asian members, India and China. The Asian Infrastructure Investment Bank (AIIB) led and initiated by China in 2015, and with a mandate to have at minimum 70% of shares allocated to Asian countries is sure to become another major player to support infrastructure development activities of the region as well as global south. The AIIB and NDB are two separate entities in their operations and constitution even though there are overlaps in memberships of the two banks.
The Centre for Financial Accountability aims to strengthen and improve financial accountability within India by engaging in critical analysis, monitoring and critique of the role of financial institutions – national and international, and their impact on development, human rights and the environment, amongst other areas. For more information visit http://www.cenfa.org Get in touch with us at info@cenfa.org
We also publish Finance Matters, a weekly newsletter on the development finance. The archive can be accessed at http://www.cenfa.org/newsletter-archive/
To subscribe, email us at newsletter@cenfa.org
The Asian Development Bank (ADB) is a regional development bank established in 1966 to promote economic development in Asia. It has 67 members, with Japan and the US as the largest shareholders. ADB provides loans, grants and technical assistance to support projects focused on sustainable economic growth, social development and governance in Asian countries. Its long term goals include reducing poverty and achieving the Millennium Development Goals.
The evolution of Chinese Overseas Investment Guidelinesmrlgregion
This document discusses the evolution of guidelines for Chinese overseas investment. It outlines how China's overseas investments have grown significantly since 1985. It also describes how China has developed a framework of policies, principles and industry guidelines over the past 10 years to guide overseas investments. These standards address environmental, social and governance issues and are set by various state institutions, regulators, and industry groups. The guidelines cover general investment standards as well as sector-specific standards for areas like banking, mining, forestry and agriculture.
Global Dialogue 2014 provided insights into China's rapid transformation. Delegates heard that China plans vast infrastructure expansion like 55 new airports and 177 urban rail networks. China leads the world in areas like solar, wind and nuclear power but still faces issues of pollution and an aging population. Investing in China presents both opportunities and challenges - the mainland stock markets are cheaper than other Asian markets but investing in Chinese equities requires navigating an opaque regulatory system and differences from Western markets. While China's growth is expected to slow, its economy will still double in size within 12 years based on 6% annual growth.
The document discusses the roles of various United Nations organizations and the World Bank in promoting good governance. It notes that the UNDP supports democratic transitions by providing policy advice, technical support, and capacity building. The UNDEF supports projects that strengthen civil society and democratic participation. UNPAN facilitates information exchange between public administration institutions to improve governance. The World Bank lends funds to developing countries for infrastructure and programs to reduce poverty, and has provided Bangladesh with loans totaling $12.5 billion since 1970 to shape institutions and policies.
As a part of a communications course at the University of Minnesota, Herbert B. Ferguson-Augustus researched the Chinese aid system in Africa. Specifically, he researched the distribution of aid disbursements across the continent, African perspectives on Chinese foreign aid and case studies on Chinese aid policy in Ghana, Angola, South Africa, Nigeria and Ethiopia. The full report on these findings can be found here.
China has a large land area and long borders with many neighboring countries. It has a diverse terrain and climate. The country's economy has grown rapidly in recent decades and it now leads the BRICS economies. China has a socialist market economy and continues to transition from a centrally planned system. The banking, insurance, and securities sectors are important and regulated.
What can be the impacts of the BRICS new financial institutions?Jimmy Huang
Introduction: The diversity of sources of international development finance has increased dramatically in recent years
Part1: BRICS group signed to create two new financial institutions during the sixth BRICS summit in Brazil in 2014
- New Development Bank (NDB)
- Contingency Reserve Arrangement (CRA)
Part2: China leverages its influence and capitalizes on emerging and developing countries with new financial institutions
- AIIB and Silk Road Fund co-finance One Belt One Road (OBOR)
- AIIB provides an addition to reduce infrastructure-funding gap in Asia
Wrap-up: Understand features of the new development finance institutions and roles of regional finance
ICA report identifies impact of funding on Africa’s infrastructure developmentilse nunley
The completion of Infrastructure Financing Trends in Africa – 2016 marks another milestone for the Infrastructure Consortium for Africa (ICA) in its consistent reporting of the mobilisation of financial resources to facilitate the development of the continent’s transport, water and sanitation, energy and ICT sectors. This report identifies key trends and looks to explain the processes and dynamics driving and restraining them and highlights emerging trends. This ICA flagship report was prepared by the ICA secretariat consisting of Mohamed Hassan, Callixte Kambanda, Katsuya Kasai, Banda Lufeyo, Mohamed Tani, and Dhaker Boubaker in co-operation with Cross-border Information consisting of Lauren Andrews, David Burles, Nick Carn, Mark Ford, Irina Gaubinger, Daniel Haines, David Slater and Ajay Ubhi who were commissioned by the ICA secretariat. https://public.sif-source.org/mdbs-infra-news/ica-report-identifies-impact-of-funding-on-africas-infrastructure-development/
BANK INFORMATION CENTER ORGANIZATION MYANMAR
AMPLIFYING LOCAL VOICES TO DEMOCRATIZE DEVELOPMENT
https://burmese.voanews.com/a/4390306.html?ltflags=mailer
ျမန္မာႏိုင္ငံမွာလာေရာက္ေထာက္ပံ့တဲ့ ႏုိင္ငံတကာဖံြၿဖိဳးေရးလုပ္ငန္းေတြ အေကာင္အထည္ေဖာ္ေရး ႏိုင္ငံတကာစံႏႈန္းေတြနဲ႔အညီ မွန္ကန္မႈရွိမရွိ ေစာင့္ၾကည့္ဖို႔ ဘယ္ေလာက္အေရးႀကီးပါသလဲ။ ေစာင့္ၾကည့္အရပ္ဖက္အဖြဲ႔အစည္း တခုျဖစ္တဲ့ BIC ျမန္မာတာဝန္ ကိုဝဏၰထြန္းကို ကိုၿငိမ္းခ်မ္း ေတြ႔ဆုံေမးျမန္းထားပါတယ္။
http://www.bankinformationcenter.org/regions/asia/burma/
After a 25 year-long absence, International Financial Institutions (IFIs) returned to Burma in 2012 in support of the country’s political and economic transitions.
http://www.bankinformationcenter.org/wp-content/uploads/2016/04/Understanding-and-Influencing-IMF-Policy-Advice-In-Myanmar.pdf
http://www.bankinformationcenter.org/wp-content/uploads/2013/03/Burma_Resource_Book.pdf
Burma_Resource_Book
Multilateral
Development Banks
and Burma
A Resource Book from the
Bank Information Center
ISS Risk Special Report Chinas challenge to the world economic order - Dece...Robbie Van Kampen
Now well into the second decade of the 21st century the world is witnessing the true extent of
China‟s economic, political, and growing military reach. This reach and integration into the
globalized world has been gradual, incremental, and quiet over the past three decades. In
the shadows, China has accelerated significantly in the past 10 years. What does this mean
for the established global order? This paper is a roadmap looking to join the dots on that
journey.
ISS Risk Special Report: China's Challenge to the World Economic Order, by Er...Hrishiraj Bhattacharjee
Now well into the second decade of the 21st century, the world is witnessing the true extent of China’s economic, political, and growing military reach. This reach and integration into the globalized world has been gradual, incremental, and quiet over the past three decades. In the shadows, China has accelerated significantly in the past 10 years. What does this mean for the established global order? This paper is a roadmap looking to join the dots on that journey.
China is implementing sweeping environmental reforms such as a greenhouse gas emissions trading scheme for polluting power plants. It has also banned waste imports from other countries. As a major recycler previously, this has put Western nations into crisis mode.
China has also become a driver in the global green bonds market. An expert notes China continues to see strong growth, and those who spend time researching and understanding the country will see why.
The roundtable discussion covered opportunities in private debt and rules of law in China, developments in the finance sector including stock connects, new regulations, and Chinese fund managers' risk management.
In a world struggling with low growth, the ten member states of the Association of South-East Asian Nations (ASEAN) represent a genuinely exciting prospect among emerging markets. The Economist
Intelligence Unit (EIU) expects growth in the region, already the world’s sixth largest economic bloc, to average 4.6% annually in the next five years. Much of this growth will come from ASEAN’s urban hubs: the region currently has around 50 cities with populations of over 500,000, which will continue to drive an overwhelming share of its economic development in the next decades.
This document provides an overview of the International Journal on Governmental Financial Management, which is published by the International Consortium on Governmental Financial Management. The journal contains articles on topics related to public sector accounting, auditing, and financial management. This issue includes articles on implementing diagnostic tools to assess country standards' compliance with international standards, a peer learning initiative in Europe and Central Asia, measuring and improving the quality of supreme audit institutions in developing countries, and other topics. The foreword discusses the scope and contents of the first issue under new editorship.
The document discusses the BRICS organization and the New Development Bank. BRICS includes Brazil, Russia, India, China and South Africa as emerging economies. The New Development Bank was established by BRICS states as an alternative to the World Bank and IMF. Headquartered in Shanghai, the bank aims to fund infrastructure and sustainable development projects in BRICS and developing countries.
This document discusses China's development finance and aid to Africa, and its potential impact on poverty reduction. It notes that China's development assistance to Africa has increased sharply in recent decades and now exceeds aid from traditional Western donors like those in the OECD. While Chinese aid and investment have contributed to economic growth in Africa, more can be done to enhance their development impact. The document examines differences between China's approach and that of Western donors, and calls for policies to increase transparency and ensure Chinese development finance effectively addresses African development needs and reduces poverty.
Sulaiman Liu's Speech on OIC Economy & Trade Forum 2016Sulaiman Liu
This document discusses opportunities for Islamic finance in the context of China's Belt and Road Initiative and the internationalization of the Chinese yuan. It outlines China's growing economic cooperation with OIC countries and initiatives like the Asian Infrastructure Investment Bank that are financing infrastructure projects in several Muslim-majority nations. The document argues that Islamic finance principles could help finance projects along the Belt and Road through instruments like cross-border yuan-denominated sukuk bonds. Overall, the author sees economic cooperation under the Belt and Road and yuan internationalization as a historically significant opportunity for closer China-OIC ties, where Islamic finance can serve as a catalyst.
Similar to Clean Lean And Green? A Short Briefing on the Asian Infrastructure Investment Bank (20)
This brief report aims to throw light on the critical lapses and breaches which have been committed during the design, pre-appraisal and Strategic Environmental and Social Assessment – Environment and Social Management Framework (SESA-ESMF) procedures for Project PI59808: India- Proposed Amaravati Sustainable Capital City Development Project, by both World Bank [for 300 mn USD] and Asian Infrastructure Investment Bank Project PD000019-PSI-IND [for 200 mn USD]. The report also shares the recent updates from the communities of the project area ear-marked for building the capital city.
This project has now been renamed in 2019 as Amaravati Sustainable Infrastructure and Institutional Development Project (ASIIDP), in both the World Bank and AIIB project pages.
The Centre for Financial Accountability aims to strengthen and improve financial accountability within India by engaging in critical analysis, monitoring and critique of the role of financial institutions – national and international, and their impact on development, human rights and the environment, amongst other areas. For more information visit http://www.cenfa.org Get in touch with us at info@cenfa.org
We also publish Finance Matters, a weekly newsletter on the development finance. The archive can be accessed at http://www.cenfa.org/newsletter-archive/
To subscribe, email us at newsletter@cenfa.org
कैंब्रिज के अर्थशास्त्री, हा-जून चांग का मानना है कि ‘अर्थशास्त्र का 95 प्रतिशत सिर्फ सामान्य समझ है, जिसे गणित और भारी-भरकम शब्दावली का प्रयोग करके मुश्किल बनाया जाता है।’ इससे हम समझ सकते हैं कि लोग वित्त से जुड़े मामलों से दूर क्यों रहते हैं। सरकारें नयी परियोजनाओं, योजनाओं और कार्यक्रमों की घोषणा करती हैं जिन पर भारी मात्रा में जनता के पैसे ख़र्च होते हैं। इन सभी को ‘विकास’ तथा नागरिकों के जीवन में सुधार लाने के नाम पर औचित्यपूर्ण ठहराया जाता है। शायद ही कभी इन परियोजनाओं के वित्तपोषण के स्रोत, इनकी वित्तीय व्यवहार्यता या राजकोष पर इससे पड़ने वाले वित्तीय भार पर कोई सवाल उठाया जाता है। यह काम बस ‘विशेषज्ञों’ पर छोड़ दिया जाता है। कुछेक मामलों में ऐसे कुछ सवाल खड़े भी किए गए तो उन्हें सार्वजनिक भलाई और प्रगति के नाम पर चुप करा दिया गया।
दिल्ली मेट्रो भी एक ऐसा ही उदाहरण है जहाँ इसकी आलोचना से संबंधित सवालों को ज्यादा तवज्जो नहीं दी गई तथा मेट्रो की चमक-धमक और ‘सुविधा’ के कारण बहुत आसानी से ऐसा प्रतीत कराया गया कि सब ठीक-ठाक है।
दिल्ली मेट्रो के प्रभाव, शहर में सड़कों पर भीड़-भाड़ कम करने में इसकी सफलता, इसका खर्च उठाने की हमारी क्षमता, वित्तीय व्यवहार्यता तथा यातायात एवं परिवहन के अन्य साधनों से इसकी तुलना करने के लिए एक समीक्षात्मक अध्ययन किए बगैर इसे अन्य शहरों में बढ़ावा दिया जा रहा है और ‘दुहराया’ जा रहा है।
किसी भी परियोजना की कुल लागत सिर्फ ‘वित्त’ तक ही सीमित नहीं होती। ऐसी कई अन्य लागतें होती हैं जिन्हें पैसे से जोड़कर नहीं देखा जा सकता, जैसे सामाजिक तथा पर्यावरणीय लागत। इस बात को मानते हुए, इस अध्ययन में केवल दिल्ली मेट्रो की वित्तीय लागत तथा व्यवहार्यता पर ही ध्यान दिया जा रहा है।
हम उम्मीद करते हैं कि यह अध्ययन आम लोगों को दिल्ली मेट्रो के वित्तीय पक्षों को समझने में मदद करेगा तथा अन्य शहरों में ‘मेट्रो’ की ‘लागत’ पर एक चर्चा शुरू करने में योगदान देगा, इससे पहले कि उन्हें शहर के नागरिकों पर थोप दिया जाए। इसके अतिरिक्त, हम यह भी आशा करते हैं कि इसके जरिए ‘किसका पैसा’ और उसे ‘किस तरह खर्च किया जा रहा है’ जैसे बुनियादी सवालों को उठाने में भी मदद मिलेगी।
The Centre for Financial Accountability aims to strengthen and improve financial accountability within India by engaging in critical analysis, monitoring and critique of the role of financial institutions – national and international, and their impact on development, human rights and the environment, amongst other areas. For more information visit http://www.cenfa.org Get in touch with us at info@cenfa.org
We also publish Finance Matters, a weekly newsletter on the development finance. The archive can be accessed at http://www.cenfa.org/newsletter-archive/
To subscribe, email us at newsletter@cenfa.org
Public-Private Partnerships — or PPPs — are increasingly being promoted as a way to finance development projects. This report gives an in-depth, evidence-based analysis of the impact of 10 PPP projects, including two from India, that have taken place across four continents and in both developed and developing countries.
The Centre for Financial Accountability aims to strengthen and improve financial accountability within India by engaging in critical analysis, monitoring and critique of the role of financial institutions – national and international, and their impact on development, human rights and the environment, amongst other areas. For more information visit http://www.cenfa.org Get in touch with us at info@cenfa.org
We also publish Finance Matters, a weekly newsletter on the development finance. The archive can be accessed at http://www.cenfa.org/newsletter-archive/
To subscribe, email us at newsletter@cenfa.org
The last five years have been a watershed moment in Indian politics and the economy. The NDA alliance’s grand victory on the agenda of development and good days to come (achhe din) started off on a high note. But after five years, the NDA government stands delegitimized. But what followed was brazen violence against minorities, Dalits, Adivasi, women and marginal sections of the society, systematic destruction of institutions, forced poverty, the decimation of the informal sector, corruption unemployment and a stressed economy. And today, the NDA government stands delegitimized, so much so that it is termed as a quantum leap backwards.
The Centre for Financial Accountability aims to strengthen and improve financial accountability within India by engaging in critical analysis, monitoring and critique of the role of financial institutions – national and international, and their impact on development, human rights and the environment, amongst other areas. For more information visit http://www.cenfa.org Get in touch with us at info@cenfa.org
We also publish Finance Matters, a weekly newsletter on the development finance. The archive can be accessed at http://www.cenfa.org/newsletter-archive/
To subscribe, email us at newsletter@cenfa.org
What’s Simmering Under The Blue Green City: The case study on Amaravati Sustainable Capital City Development
The Centre for Financial Accountability aims to strengthen and improve financial accountability within India by engaging in critical analysis, monitoring and critique of the role of financial institutions – national and international, and their impact on development, human rights and the environment, amongst other areas. For more information visit http://www.cenfa.org Get in touch with us at info@cenfa.org
We also publish Finance Matters, a weekly newsletter on the development finance. The archive can be accessed at http://www.cenfa.org/newsletter-archive/
To subscribe, email us at newsletter@cenfa.org
Delhi Metro is the largest metro system in India and is also considered one of the most “successful” public transport projects. After nearly three decades of construction and operation in Delhi, the demand for creating metro systems in all million plus cities has grown despite being a capital intensive project. Few scholarly articles published in the last decade which have questioned the relevance of metro system in Indian cities have often been dismissed by the policymakers and popular media.
The Centre for Financial Accountability aims to strengthen and improve financial accountability within India by engaging in critical analysis, monitoring and critique of the role of financial institutions – national and international, and their impact on development, human rights and the environment, amongst other areas. For more information visit http://www.cenfa.org Get in touch with us at info@cenfa.org
We also publish Finance Matters, a weekly newsletter on the development finance. The archive can be accessed at http://www.cenfa.org/newsletter-archive/
To subscribe, email us at newsletter@cenfa.org
The report “Citizens' Report on the “Four Years of the NDA Government, 2014-18: Promises & Reality” – a civil society initiative' is a collective work by experts, development networks and civil society organisations working on diverse concerns and issues with the marginalized and vulnerable population groups – Dalits, Tribals, children, youth, women, LGBTQ, people with disabilities, bonded labour, urban poor to name a few. The report also compiles articles on critical development issues of education, health, water and sanitation, land rights, economy, budgets, fiscal policies, civil society space, media, human rights, labour and employment, environment, parliament functioning, governance to mention some. In addition to the report, various individuals and organisations have used the visual media, making short videos on their critical concerns about the government's performance.
The Centre for Financial Accountability aims to strengthen and improve financial accountability within India by engaging in critical analysis, monitoring and critique of the role of financial institutions – national and international, and their impact on development, human rights and the environment, amongst other areas. For more information visit http://www.cenfa.org Get in touch with us at info@cenfa.org
We also publish Finance Matters, a weekly newsletter on the development finance. The archive can be accessed at http://www.cenfa.org/newsletter-archive/
To subscribe, email us at newsletter@cenfa.org
AIIB’s proposed deal with India’s $2.1 billion National Investment and Infrastructure Fund (NIIF) would also threaten to revive a host of stalled projects in the country potentially including coal, power, petroleum, railways and roads – many of which are currently shelved because of high social and environmental risks and opposition by local communities.
The Centre for Financial Accountability aims to strengthen and improve financial accountability within India by engaging in critical analysis, monitoring and critique of the role of financial institutions – national and international, and their impact on development, human rights and the environment, amongst other areas. For more information visit http://www.cenfa.org Get in touch with us at info@cenfa.org
We also publish Finance Matters, a weekly newsletter on the development finance. The archive can be accessed at http://www.cenfa.org/newsletter-archive/
To subscribe, email us at newsletter@cenfa.org
Centre for Financial Accountability aims to strengthen and improve financial accountability within India by engaging in critical analysis, monitoring and critique of the role of financial institutions – national and international, and their impact on development, human rights and the environment, amongst other areas.
For more information visit http://www.cenfa.org
Get in touch with us at info@cenfa.org
We also publish Finance Matters, a weekly newsletter on the development finance. The archive can be accessed at http://www.cenfa.org/newsletter-archive/
To subscribe, email us at newsletter@cenfa.org
It is noteworthy that currently, coal-based power projects are under threat due to lack of coal linkages and power purchase agreements, thus stalling many existing power projects and discouraging many companies from expanding to new coal power projects. This would give a boost to hydropower projects in many regions, especially in the Himalayan regions.
Centre for Financial Accountability aims to strengthen and improve financial accountability within India by engaging in critical analysis, monitoring and critique of the role of financial institutions – national and international, and their impact on development, human rights and the environment, amongst other areas.
For more information visit http://www.cenfa.org
Get in touch with us at info@cenfa.org
We also publish Finance Matters, a weekly newsletter on the development finance. The archive can be accessed at http://www.cenfa.org/newsletter-archive/
To subscribe, email us at newsletter@cenfa.org
FAQ on BRICS, NDB & AIIB
Centre for Financial Accountability aims to strengthen and improve financial accountability within India by engaging in critical analysis, monitoring and critique of the role of financial institutions – national and international, and their impact on development, human rights and the environment, amongst other areas.
For more information visit http://www.cenfa.org
Get in touch with us at info@cenfa.org
We also publish Finance Matters, a weekly newsletter on the development finance. The archive can be accessed at http://www.cenfa.org/newsletter-archive/
To subscribe, email us at newsletter@cenfa.org
As a result of the frustration of not being let join the top table of the Bretton Woods institutions, the BRICS grouping and its members have gone about setting up their own new IFIs in recent years, as an implicit challenge to the hegemony and financial control of traditional Western powers. While they have often used the language of South-‐South solidarity, and of transforming global dynamics to more genuinely address and include the needs and wants of the majority of the world living in the Global South, but many still see the BRICS financial projects as reflecting not a desire for radical economic transformation, but a wish to establish themselves as new hegemonic global powers, and assert the same control of international economic dynamics that Western powers previously had.
The Centre for Financial Accountability aims to strengthen and improve financial accountability within India by engaging in critical analysis, monitoring and critique of the role of financial institutions – national and international, and their impact on development, human rights and the environment, amongst other areas.
For more information visit http://www.cenfa.org Get in touch with us at info@cenfa.org
We also publish Finance Matters, a weekly newsletter on the development finance.
The archive can be accessed at http://www.cenfa.org/newsletter-archive/ To subscribe, email us at newsletter@cenfa.org
The report, released by the Bank Information Centre-Europe and Centre for Financial Accountability, titled ‘Financing the future? The Asian Infrastructure Investment Bank and India’s National Investment and Infrastructure Fund’ warns that the AIIB do due diligence at all levels before approving a new $200m deal with India in April for fear of turning the key on some highly-controversial projects now being stalled by the local community.
The Centre for Financial Accountability aims to strengthen and improve financial accountability within India by engaging in critical analysis, monitoring and critique of the role of financial institutions – national and international, and their impact on development, human rights and the environment, amongst other areas. For more information visit http://www.cenfa.org Get in touch with us at info@cenfa.org
We also publish Finance Matters, a weekly newsletter on the development finance. Archive can be accessed at http://www.cenfa.org/newsletter-archive/
To subscribe, email us at newsletter@cenfa.org
The document provides an analysis of the Indian government's budget allocations for Dalits and Tribals. It notes that the Tribal Sub Plan and Special Component Plan were established to allocate funds for Dalits and Tribals in proportion to their population. However, an examination of budgets shows that claims of increased allocations are misleading, and in reality funding suffers from the same discrimination faced by these communities. Key features of guidelines for these allocations are also outlined, including that funds should be non-lapsable, non-divertible, and spent only on programs directly benefiting these groups.
Parliamentary Supremacy Undermined? An Analysis of Parliamentary Debates in India on International Financial Institutions (1984-2009)
The Centre for Financial Accountability aims to strengthen and improve financial accountability within India by engaging in critical analysis, monitoring and critique of the role of financial institutions – national and international, and their impact on development, human rights and the environment, amongst other areas. For more information visit http://www.cenfa.org Get in touch with us at info@cenfa.org
We also publish Finance Matters, a weekly newsletter on the development finance. Archive can be accessed at http://www.cenfa.org/newsletter-archive/
To subscribe, email us at newsletter@cenfa.org
क्लीन लीन एंड ग्रीन? एशिया इन्फ़्रस्ट्रक्चर बैंक के बारे में संक्षिप्त विवरण
The Centre for Financial Accountability aims to strengthen and improve financial accountability within India by engaging in critical analysis, monitoring and critique of the role of financial institutions – national and international, and their impact on development, human rights and the environment, amongst other areas. For more information visit http://www.cenfa.org Get in touch with us at info@cenfa.org
We also publish Finance Matters, a weekly newsletter on the development finance. Archive can be accessed at http://www.cenfa.org/newsletter-archive/
To subscribe, email us at newsletter@cenfa.org
Mapping Coal Project Finances in India
Who finances coal projects in India?
What is the quantum of money behind these large coal projects?
What proportion is financed by international financial institutions and national financial institutions?
Which are the key states with most lending?
These are some of the questions the new report is trying to address.
The Centre for Financial Accountability aims to strengthen and improve financial accountability within India by engaging in critical analysis, monitoring and critique of the role of financial institutions – national and international, and their impact on development, human rights and the environment, amongst other areas. For more information visit http://www.cenfa.org Get in touch with us at info@cenfa.org
We also publish Finance Matters, a weekly newsletter on the development finance. Archive can be accessed at http://www.cenfa.org/newsletter-archive/
To subscribe, email us at newsletter@cenfa.org
New Report, looking into the share of particular sectors -in particular, power, steel infrastructure – in the growing non-performing assets (NPAs) and stressed assets, which has touched at a whopping INR 14 lakh crores.
The Centre for Financial Accountability aims to strengthen and improve financial accountability within India by engaging in critical analysis, monitoring and critique of the role of financial institutions – national and international, and their impact on development, human rights and the environment, amongst other areas. For more information visit http://www.cenfa.org Get in touch with us at info@cenfa.org
We also publish Finance Matters, a weekly newsletter on the development finance. Archive can be accessed at http://www.cenfa.org/newsletter-archive/
To subscribe, email us at newsletter@cenfa.org
Blue Economy and Sagarmala have all the ingredients of overoptimism and overcomplexity, poor execution, weakness in organizational design and capabilities, and challenges and potential bankruptcy. Most importantly, what could obviously derail the project is lack of participation of the communities who know their oceans the best.
Financial Analysis of the Blue Economy: Sagarmala’s Case in Point by Dr Himanshu Damle of Public Finance Public Accountability Collective, New Delhi
The Centre for Financial Accountability aims to strengthen and improve financial accountability within India by engaging in critical analysis, monitoring and critique of the role of financial institutions – national and international, and their impact on development, human rights and the environment, amongst other areas. For more information visit http://www.cenfa.org Get in touch with us at info@cenfa.org
We also publish Finance Matters, a weekly newsletter on the development finance. Archive can be accessed at http://www.cenfa.org/newsletter-archive/
To subscribe, email us at newsletter@cenfa.org
फिनांशियल रेजॉल्युशन एंड डिपॉजिट इंश्योरेंस (एफआरडीआई) बिल, 2017 की एक आलोचना
एफआरडीआई विधेयक के प्रभाव को समझने और अपने सांसद को इस विधेयक का विरोध करने के लिए कहने के लिए http://www.repealfrdi.net पर जाएँ।
The Centre for Financial Accountability aims to strengthen and improve financial accountability within India by engaging in critical analysis, monitoring and critique of the role of financial institutions – national and international, and their impact on development, human rights and the environment, amongst other areas. For more information visit http://www.cenfa.org Get in touch with us at info@cenfa.org
We also publish Finance Matters, a weekly newsletter on the development finance. Archive can be accessed at http://www.cenfa.org/newsletter-archive/
To subscribe, email us at newsletter@cenfa.org
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Clean Lean And Green? A Short Briefing on the Asian Infrastructure Investment Bank
1. C e n t e r f o r F i n a n c i a l A c c o u n t a b i l i t y
COVER
2. Clean Lean and Green? | A short briefing on the Asian Infrastructure Investment Bank
Clean Lean and Green?Clean Lean and Green?
Publisher:
Center for Financial Accountability
c/o 97, Uday Park
New Delhi - 110049
Email: research@financialaccountability.org.in
www.financialaccountability.org.in
Copyleft, June 2016
For Copies: research@financialaccountability.org.in
Design: Shibi Peter
F o r P r i v a t e C i r c u l a t i o n o n l y
This publication is intended only for information sharing and discussion amongst civil society organisations / social movements, and
is not for any commercial purpose. Images used here are only to help readers understand the content better. Wherever available, the
sources are cited. Any omission is unintentional and having brought to notice, will correct in subsequent versions.
3. C e n t e r f o r F i n a n c i a l A c c o u n t a b i l i t y
A short briefing on the Asian Infrastructure Investment Bank (AIIB)
Clean Lean
and Green?
Clean Lean
and Green?
June 2016
4. Clean Lean and Green? | A short briefing on the Asian Infrastructure Investment Bank
T
he Asian Infrastructure Invest-
ment Bank (AIIB) is a new
international financial institution
which became operational on
16th January 2016. The AIIB describes
itself as “a multilateral development
bank conceived for the 21st century”,
and states that its core purpose is to fund
infrastructure development projects in the
Asia-Pacific region. It currently has 57
members, not just across Asia, but also
including countries like Germany, Britain
and France.
The AIIB is seen by many as a Chinese-
led initiative, partly aimed at challenging
the disproportionate influence and control
which Western countries have over the
Bretton Woods institutions (the World
Bank and the International Monetary
Fund) which are the major international
financial institutions at global level. Thus
it can be seen as a challenge to current
global economic and political power
dynamics and status quo and part of a
global shift of power from the West to
the East. However the AIIB is also seen
as a means to pursue mercantile interest
as well, enabling China to put some of its
stockpile of foreign reserves into funding
infrastructure development across Asia,
to facilitate greater access to markets for
its products, and to promote its 'One Belt,
One Road' and New Silk Route initiative,
linking Asia and Europe by sea, rail and
road. How far the AIIB actually advances
the implied challenge to existing financial
institutions remains to be seen however,
as it begins operating and lending: in
recent months the language coming from
the bank has continually stressed partner-
ship and cooperation, representing the
AIIB as complementary to, rather than in
competition with, Bretton Woods institu-
tions.
There is a huge infrastructure gap across
Asia, which has not been addressed sys-
tematically or comprehensively until now.
In fact, according to the ADB's estimate,
Asia needs the gigantic figure of $800 bil-
lion each year in infrastructure investment
until at least 2020. Until recently the ADB
itself was the primary source of funds to
infrastructure, but it is not capable of gen-
erating and dispersing that level and scale
of funding, and thus the AIIB partly aims
to address that gap.
hat is
the AIIB?W
1
5. C e n t e r f o r F i n a n c i a l A c c o u n t a b i l i t y
The AIIB was first mooted specifically
by Chinese Premier Xi Jinping in 2014,
and has taken form extremely quickly for
a complex financial institution involving
so many players. Over the two years since
then the bank was conceptualised, negoti-
ated and given practical shape, securing
57 members, with the level of inter-
est from different countries worldwide
surprising even the Chinese. At present
30 more members are waiting to join the
bank, with estimates that its membership
might reach 100 by the end of 2016.
The AIIB states that its aim is to be “lean,
clean and green” and that its areas of
focus will be energy and power, trans-
portation and telecommunications, rural
infrastructure and agriculture develop-
ment, water supply and sanitation, envi-
ronmental protection, urban development
and logistics. It has also indicated that its
definition of infrastructure is quite flex-
ible, and could include education and
health.
Announcing it was open for business in
January 2016, the AIIB said “the Bank is
expected to foster sustainable economic
development, create wealth and improve
infrastructure connectivity in Asia by in-
vesting in infrastructure and other produc-
tive sectors. It will also promote regional
cooperation and partnership in addressing
development challenges by working in
close collaboration with other multilateral
and bilateral development institutions.”
The Bank is expected to
foster sustainable eco-
nomic development, cre-
ate wealth and improve
infrastructure connectiv-
ity in Asia by investing in
infrastructure and other
productive sectors. It will
also promote regional co-
operation and partnership
in addressing development
challenges by working in
close collaboration with
other multilateral and bi-
lateral development insti-
tutions.
“
“
2
Source: State Council, People’s Republic of China
Source:AIIBpressrelease,January2016
6. Clean Lean and Green? | A short briefing on the Asian Infrastructure Investment Bank
T
hese countries were Bangladesh,
Brunei, Cambodia, China, In-
dia, Kazakhstan, Kuwait, Laos,
Malaysia, Myanmar, Mongolia,
Nepal, Oman, Pakistan, Philippines, Qa-
tar, Singapore, Sri Lanka, Thailand, Uz-
bekistan and Vietnam. Since then, 36 other
members have joined, including Australia,
South Korea, Britain, Germany, France
and a range of non-Asian countries. This
was in spite of a critical, negative response
to the announcement of the founding of the
bank from the US and Japan - traditionally
key economic actors in the region, and ri-
vals of China in geopolitical terms.
Five Chief Negotiators Meetings took
place, leading to Articles of Agreement be-
ing signed in June 2015 by 50 countries,
with 7 more signing later (see Annex at the
end of this booklet for a complete list of
current AIIB membership). The majority
of countries have now ratified their mem-
bership, with others still to do so. The Bank
was formally opened for business on 16th
January 2016, with Mr. Jin Liqun elected
as President for a five year term. The AIIB
headquarters are in Beijing.
HistoryAIIB’s development ofOn 24 October 2014, twenty-one countries signed a Memorandum of
Understanding (MOU) regarding the AIIB in Beijing.
3
7. C e n t e r f o r F i n a n c i a l A c c o u n t a b i l i t y
T
he AIIB has 57 member countries;
37 regional and 20 non-regional.
The capital stock of the bank
is $100 billion, divided into 1 million
shares of $100,000. 20% of the shares
are paid in (deposited with the bank) and
80% are callable. Comparatively, the
World Bank has a subscribed capital of
$252 billion, while the Asian Develop-
ment Bank’s is $157 billion.
The shares are allocated to members
according to the size of the members’
economy (using GDP and PPP), and
whether they are Asian or non-Asian.
China is by far the largest subscriber to
the bank, with 30.34% of the shares, and
26.06% of the voting shares. The next
largest member is India, with 8.52%
share and 7.5% votes, and Russia with
6.66% stake, and 5.92% vote share. The
AIIB is, notably and significantly, the
first major multilateral bank with devel-
oping countries holding the majority of
the shares and votes.
The Bank’s President, Jin Liqun, is Chi-
nese. There are 5 Vice-Presidents from
India, Britain, South Korea, Indonesia
and Germany.
The governance structure involves one
governor (usually the Minister of Fi-
nance) for each member state of the
bank, and an AGM of governors tak-
ing place annually. There are also 12
governors nominated as directors, who
represent one or more nation, and who
are nominated to the Board of directors
by the 57 governors. Nine directors are
from within the Asia-Pacific region and
three represent members outside the
region. China and India are the only
countries which have directors which
represent only them, with all other
directors representing more than one
country. The board of directors is re-
sponsible for daily operations, and task
allocation to the Board of governors. It
is a non-resident Board, in contrast to
the World Bank.
tructure,governance
and financial facts
tructure,governance
and financial factsS
4
8. Clean Lean and Green? | A short briefing on the Asian Infrastructure Investment Bank5
Source: China Daily
9. C e n t e r f o r F i n a n c i a l A c c o u n t a b i l i t y 6
Source: South China Morning Post
10. Clean Lean and Green? | A short briefing on the Asian Infrastructure Investment Bank
T
o some extent, like many other
areas, this remains to be seen as the
bank begins to function and operate
fully in the coming years. Major policies
and decisions, such as electing the Presi-
dent, deciding the reserves, amending the
agreement, changing the capital stock of
the bank etc, require a supermajority vote
(i.e., according to the AoA, an affirmative
vote of two thirds of the total number of
governors, representing not less than three
quarters of the total member voting pow-
er). The Board of Directors is meanwhile
responsible for areas such as establishing
the policies of the bank and decisions on
operational and financial policies.
Given that China has 26.06% of the vote,
it thus has a power of veto over those
major policy areas and decisions requiring
a supermajority decision. Chinese rep-
resentatives have regularly stressed that
as more members join the AIIB China’s
shares and voting power will be diluted,
and have also said publicly that the
country does not intend to use its veto. Its
behaviour within the bank will be closely
watched in this context, given the obvious
comparison with and Southern critique of
US power and veto in the Bretton Woods
institutions.
However it is also worth noting that the
AIIB is a more Southern oriented and
representative bank in terms of its mem-
bership and voting allocation. At present
75% of the shares and votes are reserved
for Asia-Pacific countries, seeing them
have a much stronger voice and power
in this institution than they have in other
multilateral banks.
How are decisions
made at the AIIB?
Does China have a veto?
7
11. C e n t e r f o r F i n a n c i a l A c c o u n t a b i l i t y 8
Source: Jubilee USA
12. Clean Lean and Green? | A short briefing on the Asian Infrastructure Investment Bank
Why was the
AIIB set up now?
T
he Chinese, as well as
other emerging pow-
ers including India,
are frustrated at the
lack of change to the interna-
tional financial structure of the
world. They have been push-
ing for reform of the IMF and
the World Bank to greater re-
flect changing global economic
and political dynamics, but
have experienced significant
resistance from the main tradi-
tional powers – the US, Japan
and European countries, who
would have to let go of some
of their voting share and influ-
ence. While recent reforms of
the IMF voting allocation have
increased the share of BRIC
countries, yet the US vote al-
location remained the same,
the vast majority of the votes
are still with OECD countries,
and other developing countries
actually saw their vote share
decrease. By contrast, the
AIIB is the only IFI where the
majority of the votes are held
by developing countries, and
China of course predominates
economically.
9
Source:ChinaDaily
13. C e n t e r f o r F i n a n c i a l A c c o u n t a b i l i t y
There is general agreement that there is a
huge need for infrastructure investment
and development across Asia (although
the mode of investment and model of de-
velopment could be subject to debate and
disagreement), and that the existing insti-
tutions alone do not have the resources to
fund the full needs of the region.
Moreover recent changes in the Chinese
economy, coupled with the ongoing glo-
bal financial crisis and downturn, made
the Chinese more interested in issues of
Asia-Pacific connectivity. China wishes
to increase its influence in the region
through funding infrastructure develop-
ment, also benefiting itself from increased
connectivity meaning a smoother flow
of its goods to Asian and later European
markets. The One Belt, One Road and
New Silk Road initiative are also part of
this new foreign and economic policy of a
rising China and are seen as being linked
with the setting up of the AIIB. Some
argue that the country is trying to multi-
lateralise its increasing hegemony, while
others see this initiative as being part of
China’s ‘peaceful rise’, or as part of the
broader shift of global power from West
to East. At the military and geostrategic
level, ongoing and increasing tensions in
Recent changes in the Chinese economy,
coupled with the ongoing global financial
crisis and downturn, made the Chinese
more interested in issues of Asia-Pacific
connectivity. China wishes to increase its
influence in the region through funding
infrastructure development, also benefiting
itself from increased connectivity meaning
a smoother flow of its goods to Asian and
later European markets.
the South China Sea over territorial claims
also have the potential of causing political
problems within the AIIB given its broad
membership.
Other regional actors, including India,
are wary of China’s increasing economic,
military and political might, but see the
AIIB as holding the possibility of binding
China to a form of regional cooperation
and multilateralism. While China has the
largest share and voting rights in the AIIB,
it has said publicly that it won’t use its
veto power, and is ostensibly stressing
its eagerness to work collectively with
regional and other partners.
10
Source: Mogiseka
14. Clean Lean and Green? | A short briefing on the Asian Infrastructure Investment Bank
T
he bank’s offices have been set up in
Beijing, and the AIIB was officially
declared open for business on 16th
January 2016. Having appointed its first
key set of staff, it appears to be still setting
up its full team, organisational infrastruc-
ture and procedures at the current moment.
As of now the bank reportedly has 70 staff,
which is a very low number for a bank of
such scale; by comparison the Word Bank
has a staff of around 10,000 and the ADB
staff is over 3,000. The AIIB has indicated
that it could grow to match the World Bank
in staff numbers, but for this year it will
stick to its lean operation, likely growing
to a maximum staff complement of 150. So
far, many of the staff recruited have years
of experience working in other MDBs,
such as the World Bank and the Asian De-
velopment Bank, although the recruitment
procedures do not appear to have been
very transparent.
TheAIIB aims to start lending this year, and
reportedly hopes to disburse $1.2 billion
in 2016. In the past months it has signed
agreements or MoUs with the World Bank
(WB), Asian Development Bank (ADB),
the European Bank of Reconstruction and
Development (EBRD) and the European
Investment Bank (EIB). While the WB
and ADB were initially wary that the AIIB
would diminish their economic influence
and power, and reduce standards governing
What stage
has the AIIB
reached?
How will it functi n?
11
15. C e n t e r f o r F i n a n c i a l A c c o u n t a b i l i t y
lending, they have moved to a position of
working with the bank to try to influence it.
Jin Liqun has also visited many countries
in the past months, including India, Fin-
land, Denmark, Germany, Poland and US,
on a diplomatic mission to pursue, (or be
perceived to pursue depending on the po-
litical analysis), high-level multilateralism
and assuage fears of Chinese dominance.
In terms of projects, it appears that the
AIIB will begin its funding by co-financing
a range of projects with existing lenders.
This makes sense from a pragmatic point
of view, as the Bank doesn’t have the staff
capacity to engage in the multiple com-
plexities of assessing and overseeing loan
disbursement yet, and thus co-financing
with well-established banks brings about a
credibility and positive credit rating for the
bank without drawing on its institutional
resources too heavily. Moreover, political-
ly this multilateral approach is clearly de-
signed to address and reduce the anxieties
of some actors who see the AIIB as a Chi-
nese dominated instrument of economic
and foreign policy. Jin Liqun has been re-
peatedly using the language of cooperation
and coordination in his public speeches in
recent months, stressing that the AIIB will
be complementary to, and work with, ex-
isting IFIs.
The AIIB officially announced the first 4
projects it will fund at the recently con-
cluded AGM in Beijing. Three are co-fi-
nanced projects alongside existing IFIs; a
road project in Pakistan co-funded with the
ADB and DFID, a road project in Tajikistan
co-funded with the EBRD and a slum up-
grading project in Indonesia co-funded
with the World Bank. The standards and
procedures of the lead, already existing
MDB will be applied to the projects, and
the AIIB will only provide co-financing.
The final project, and the only standalone
one where the AIIB is funding it independ-
ently, is a project to upgrade and expand
power distribution systems in Bangladesh.
It seems likely that a range of other loans
will be announced in the coming months.
Many people around the world are watch-
ing with interest to see how the bank’s
practice and procedures begin to be im-
plemented, and what impact it will have in
Asia. It is hard to predict at this early stage,
and important for civil society to watch this
process closely, as things have been mov-
ing extremely fast thus far, often without
much information being available in the
public domain on key developments until
they are finished. For example, the bank’s
environmental and social framework was
developed and finalised without adequate
consultation (see section below for more in-
formation), and other key policy documents
and procedures are still being developed,
even after the bank has opened for business.
Many people around the world are watching with
interest to see how the bank’s practice and proce-
dures begin to be implemented, and what impact it
will have in Asia.
”
“
12
16. Clean Lean and Green? | A short briefing on the Asian Infrastructure Investment Bank
T
he rhetoric and ostensible aim of
the AIIB aligns very well with a lot
of the key concepts and stated poli-
cy aims of the BJP-led NDA government
in India. Narendra Modi’s government got
elected on a platform of national develop-
ment, and has stressed the need to develop
infrastructure across India, including a
focus on ‘smart cities’, transport, trade
infrastructure and renewable energy, all of
which are key AIIB focuses too.
The national media has reported that the
Indian government expects that half of
the money the AIIB will loan in its first
batch of loans this year, $600 million, will
be invested in infrastructure projects in
India. According to press reports, India
may seek loans for solar energy projects,
or for the Prime Minister’s pet projects,
such as PMKSY and railway projects. At
the recently held AGM in Beijing no loans
to India were announced, but Finance
Minister Arun Jaitley said that India was
identifying a list of projects to put to the
AIIB for funding in the areas of urban de-
velopment (including smart cities), urban
transport, energy, inland waterways and
water supply.
While on the one hand India has concerns
about China’s increasingly assertive for-
eign policy and growing financial, eco-
nomic and political links with its neigh-
India and the AIIB:
What is India’s role and
official position on the bank?
India is the second largest subscriber and shareholder to the AIIB, with the
second largest vote. India secured one of 5 Vice Presidential roles, which
was given to an IAS officer who worked in various high-ranking positions
in Gujarat, and was involved in investment liberalisation (see panel). India
also holds one of the 12 Director positions on the Board of Directors. Min-
ister of Finance Arun Jaitley is the Indian representative on the Board of
Governors.
13
17. C e n t e r f o r F i n a n c i a l A c c o u n t a b i l i t y
bours across South Asia, on the other hand
it appears to see the AIIB as a potential
space for collaboration, and for multilat-
eralising and balancing China’s expand-
ing influence and power in the global and
regional arena.
At the inaugural meeting of the Board
of Governors in January 2016, India’s
representative said “in this regard, it is
our belief that the Bank should focus on
areas such as power sector and renewable
energy, drinking water and sanitation, irri-
gation, transport and railways, and hous-
ing sectors [...] India hopes that AIIB will
be able to truly represent the voices of
the developing world which has till now
remained under represented in the gov-
ernance structure of existing MDBs. The
needs and aspirations of these developing
countries need to be the focus of AIIB so
that it can set forth a new model in long
term financing strategies of MDBs.”
Significantly, India’s representative also
made a somewhat contradictory and
DJ PANDIAN –
India’s Vice President
at AIIB
DJ Pandian is India’s nominee to the
AIIB’s senior management team, one
of 5 Vice Presidents. He holds the
position of Chief Investment Officer
of the bank, and is responsible for
“leading the planning and supervi-
sion of the Bank’s infrastructure
investment by promoting sustainable
investment throughout Asia that is
consistent with the Bank’s vision,
goals, and strategies, and by ensur-
ing the relevance, effectiveness and
efficiency of AIIB operations.”
Pandian is a former Gujarat Chief
Secretary and 1981 batch retired IAS,
who worked for 30 years for the civil
service. Pandian previously served as
Director in the Department of Eco-
nomic Affairs, Ministry of Finance,
in the World Bank, and had an eight
year posting as Managing Director
of Gujarat State Petroleum Corpora-
tion. He is considered to have been
part of Prime Minister Modi’s inner
circle while he was the Chief Min-
ister of Gujarat, and continued that
trend with current Chief Minister
Anandiben Patel, who appointed him
Chief Secretary. Pandian also played
a key role organizing the “Vibrant
Gujarat Summit, 2015”.
‘India hopes that AIIB will be able to truly represent the voices
of the developing world which has till now remained under
represented in the governance structure of existing MDBs’
14
Source: AIIB
18. Clean Lean and Green? | A short briefing on the Asian Infrastructure Investment Bank
ship of the AIIB. The signatories called
on the Prime Minister to engage in open
debate and discussion on the procedures
and approach of the AIIB to ensure it did
not negatively impact on impoverished
people and vulnerable communities. As
they wrote “It is unfortunate that the ratifi-
cation of India’s membership to the Bank
was done without a public debate. This
deprives the citizens of a platform to raise
their concerns and apprehensions about
the functioning of the Bank, while the im-
pact of the investments would be borne by
them“. Some groups have also written to
India’s AIIB Director seeking a meeting,
but in both cases the response has been
total silence, even months later. Given
previous experience of the devastating
social and environmental impact of other
multilateral lending by well-established
banks to India, social movements have
reason to be concerned about the AIIB
and its impact.
potentially alarming statement in terms
of best practice: “It is also our contention
that the Bank must look into best prac-
tices of existing multilateral development
banks. However this should not bind the
Bank to adopt practices which stand in the
way of development of Asian economies.
AIIB should seek complementarities and
synergies with the existing MDBs in the
achievement of its stated objectives.” (See
section below for more on AIIB’s Envi-
ronmental and Safety Standards).
Civil society in India has been quite dis-
satisfied with the country’s approach to
the AIIB. A letter sent to Narendra Modi
in February 2016 signed by 41 civil
society organisations, including NAPM,
Narmada Bachao Andolan, National Fish
Workers’ Forum, Indian Social Action Fo-
rum, Socialist Front and All India Kabadi
Mazdoor Mahasangh, condemned India’s
non-transparent ratification of its member-
While working in the DEA he was
involved in liberalizing Indian poli-
cies on foreign capital inflow, after
which he spent 3 years in Washington
working with the World Bank. He
subsequently spent 8 years as MD of
Gujarat State Petroleum Corporation,
and briefly served as vice-chairman
and MD of Gujarat Mineral Devel-
opment Corporation. Pandian was
very involved in setting up Gujarat
Energy Research and Management
Institute. He also previously served
as principal secretary and additional
chief secretary in the state’s energy
and petrochemicals department and
earlier headed Gujarat’s industries
and mines departments.
The Ministry of Finance’s press re-
lease announcing Pandian’s appoint-
ment noted that “Dr. Pandian was
instrumental in liberalizing the policy
regime to attract international invest-
ment to crucial infrastructure sectors
including power, airlines, ports and
telecoms.” It still remains to be seen
what role he will play in the AIIB,
and to what extent he will actively
promote the Indian government’s
interest.
‘It is unfortunate that the ratification of India’s membership to
the Bank was done without a public debate. This deprives the
citizens of a platform to raise their concerns and apprehensions
about the functioning of the Bank, while the impact of the in-
vestments would be borne by them’
15
19. C e n t e r f o r F i n a n c i a l A c c o u n t a b i l i t y
Responses to the AIIB’s arrival:
What doesthe rest
of the world
think?
16Source:LatinAmericanHeraldTribune
20. Clean Lean and Green? | A short briefing on the Asian Infrastructure Investment Bank
The existing
financial institutions
and Multilateral
Development Banks
17
Source:WallStreetDaily
21. C e n t e r f o r F i n a n c i a l A c c o u n t a b i l i t y
However after some time the World
Bank put out a statement welcoming the
AIIB to the fold of infrastructure fund-
ing development banks, and indicated it
would be happy to work with the AIIB
and share its expertise and history with it.
The ADB also issued similar statements,
which stress its long history in the region;
“ADB will cooperate closely with AIIB
in supporting the development of the Asia
Pacific region, drawing on ADB’s 50
years of experience and expertise and with
extensive network of 31 field offices in
developing member countries”.
Recently, the AIIB has signed a host of
MoUs and agreements on co-financing
and cooperation with the World Bank,
ADB, EBRD and EIB, signalling to the
world its intention to be a cooperative,
not competitive, multilateral player. The
existing MDBs seem eager to work with
the AIIB in an attempt to influence its
practice and encourage it to adopt their
environmental, social and other standards.
T
he IMF and the
World Bank ini-
tially didn’t know
how to respond to
the announcement of the
AIIB, especially as the US
quite strongly condemned
it, and tried to persuade its
Western allies not to join.
Moreover Japan was not
involved and saw the AIIB
as being a threat to its pre-
eminence in the Asian De-
velopment Bank, the tradi-
tional regional bank.
18
Source: Outsider Club
22. Clean Lean and Green? | A short briefing on the Asian Infrastructure Investment Bank
Western
Nations:
T
he US government has been highly critical of
the arrival of the AIIB, although it has toned
this down somewhat over time as it became
diplomatically isolated on the issue. The US initially
declined to recognise the need for and utility of the
AIIB, and continues to express concerns about the
institution’s operating procedures, and environmen-
tal, social and human rights standards. Countries
like Australia and South Korea didn’t join the AIIB
initially due to US pressure. The US was, however,
left increasingly isolated, as first Britain broke ranks
and joined, and then various other European coun-
tries which are its traditional allies, leaving the US
looking somewhat foolish. Japan is very wary of the
AIIB, and has not joined, as it is China’s traditional
rival in the region for financial and economic power,
and it sees the AIIB as a challenge to Japan’s long-
standing predominance in the ADB.
19
Source: Sputnik News
23. C e n t e r f o r F i n a n c i a l A c c o u n t a b i l i t y
C
ivil society organisations,
social movements, human
rights experts, academics
and others have had a diverse set
of responses to the AIIB. Many
acknowledge the need for infra-
structure development across Asia
to address development challenges
and reduce poverty and inequality.
However there are deep concerns
about the potential impact of AIIB
funded projects on the environment
in the region, as well as the social
impact on impoverished people.
The social and environmental im-
pact of projects funded by the Word
Bank and Asian Development Bank
over the past decades has often
been devastatingly negative for lo-
cal and project affected communi-
ties. The AIIB has been established
and become operational extremely
quickly, which is a matter of some
concern, as time and consultation
is needed to ensure adequate social
and environmental safeguards and
procedures. The process of the set-
ting up of the bank thus far has not
been transparent, has not allowed
time for civil society or local com-
munity involvement or consultation
in Asian countries, and has seen
procedures developed speedily
and without transparency, or still
be under development even while
operations have begun. Moreover
the key instigator of the institution,
China, has a questionable record in the
area of environmental protection and so-
cial and human rights impacts. Thus civil
society across Asia and internationally, is
concerned that the AIIB could potentially
have a negative effect on the region’s
environment and people. Ideally the AIIB
might learn from other multilateral banks’
past mistakes and avoid repeating them,
but this, like many other things, remains
to be see. e social and environmental
safeguards and procedures. The process of
the setting up of the bank thus far has not
been transparent, has not allowed time for
civil society or local community involve-
ment or consultation in Asian countries,
Civil Society:and has seen procedures developed speed-
ily and without transparency, or still be
under development even while operations
have begun. Moreover the key instigator
of the institution, China, has a question-
able record in the area of environmental
protection and social and human rights
impacts. Thus civil society across Asia
and internationally, is concerned that the
AIIB could potentially have a negative
effect on the region’s environment and
people. Ideally the AIIB might learn from
other multilateral banks’ past mistakes and
avoid repeating them, but this, like many
other things, remains to be see.
20
Source: State Council, People’s Republic of China
24. Clean Lean and Green? | A short briefing on the Asian Infrastructure Investment Bank
hat is the
AIIB process
around Environmental
and Social Safeguards,
Oversight and
Grievance Mechanism
etc?
W
21
25. C e n t e r f o r F i n a n c i a l A c c o u n t a b i l i t y
They wrote: “we are writing to you
on behalf of a network of 250 civil
society organizations, based in Manila,
with representatives from 20 countries
in Asia to express our concern on the
need for robust safeguard policies of
the Asian Infrastructure Investment Bank
(AIIB)” and outlined a comprehensive
range of recommendations and principles
for the new bank. The AIIB finally replied
four months later, in August 2015, indicat-
ing that the delay in reply was because
“the Secretariat has been in the process of
developing an Environmental and Social
Framework for the AIIB”. The new bank
thus embarked on a ‘consultation process’
on its Environmental and Social Frame-
work (ESF) policy in August-October
2015.
However this was a very problematic
process. The full consultation process was
6 weeks long, the documents provided
were only available in English and not
translated into national and vernacular
languages, and the consultations them-
selves took place by email and through
online consultations. This approach made
it very difficult for communities who
might likely be impacted by AIIB funded
projects to participate – they were ex-
cluded linguistically, geographically and
due to their lack of internet access. Civil
society networks and social movements
struggled to read, analyse, disseminate,
and consult at community level and feed-
back on the draft ESF document in such
a short time span with no advance notice.
While many international and grassroots
organisations from a range of different
perspectives (environment, development,
human rights, labour rights, indigenous
rights, corporate accountability etc) did
submit detailed and critical recommen-
dations to the consultation, they also
expressed dissatisfaction with the consul-
tation process and appealed for it to be
improved and the time period lengthened
to enable meaningful participation, some-
thing which, ironically enough, the draft
ESF document commits itself to in project
implementation.
While the second version of the ESF
seemed to make some changes responding
to the critiques, no response was received
by civil society to their inputs, nor were
they given any further opportunities to
impact or strengthen the ESF standards.
The ESF appears to have been quietly fi-
nalised and approved by the bank’s Board
in January 2016, although there was no
formal announcement of the same, but the
document is now available for download
from the AIIB website. While the frame-
work appears to have been strengthened in
some areas, yet many of the weaknesses
and scope for loopholes persist, including
around the categorisation of projects, a
reliance on national systems of regulation
and the lack of a clear independent griev-
ance mechanism. Recently the Director
General of the Compliance, Effectiveness
and Integrity Unit, a rather intriguing
title, has been appointed, but as with other
aspects of the functioning of the bank, no
detailed information has been shared on
what the functions or responsibilities of
the Unit will be. The ESF will apparently
be accompanied by a set of operational
guidelines which have not yet been writ-
ten/finalised, and the grievance/oversight
mechanism is also still to be developed!
The NGO Forum on ADB wrote to the AIIB in April
2015 introducing themselves and outlining in de-
tail a range of concern areas regarding environ-
mental and social impact of development finance.
22
26. Clean Lean and Green? | A short briefing on the Asian Infrastructure Investment Bank
Some key issues
and things
to look out for
M
any civil society organisations
and human rights experts, in-
cluding Amnesty International,
Oxfam, Earth Rights International, Bank
Information Center, the Asian Indigenous
People’s Pact, Coalition for Human
Rights in Development, NGO Forum on
ADB, and a number of UN experts made
quite comprehensive and alarming critical
analyses of the draft ESF procedure. Civil
society raised a whole range of concerns
on projects potential negative impact on
the rights and livelihoods of indigenous
communities, workers, local communities,
23
Source: Aljazeera.com
27. C e n t e r f o r F i n a n c i a l A c c o u n t a b i l i t y
as well as potential displacement, invol-
untary resettlement and environmental
destruction. Concerns also included the
overreliance of the process on self-regu-
lation and national and corporate systems
of compliance, with the AIIB potentially
offloading its governance and compli-
ance responsibility onto the borrowers. A
number of the seeming standards appear
to be deliberately vague in their articula-
tion and have loopholes which could be
exploited to reduce their strength. Also,
the grievance/independent oversight
mechanism has not yet been developed
and seems to be being developed without
any consultation at all.
M
oreover the consultation process
itself was condemned by most
organisations, with, for example,
Earth Rights International describing it as
“all but a façade”, and the Coalition for
Human Rights in Development saying it
was a “deeply flawed process that appears
to privilege the input of well-positioned
English-speaking business interests at
the expense of people in the region”.
(For detail and links to these civil society
critiques see weblinks listed at the end of
this document).
F
urthermore, other important areas of
policy are still being developed and
finalised, as is the structure and HR
team of the bank. For example, the AIIB
is supposed to develop an energy policy,
and a permanent policy on access to infor-
mation, as well as aforementioned opera-
tional guidelines and oversight/grievance
mechanism.
T
hus, while much of the public
language of the AIIB, and its ESF
document, seems to aspire to best
practice, the experience of the consulta-
tion on those very same standards seems
to set a bad and disturbing precedent for
the future in terms of the gap between
policy and practice. However given that
most loans being disbursed in the first
year seem to be co-financed loans, where
the other MDBs’ standards will apply
rather than the AIIB’s, it may take some
time before it becomes fully clear what
the business practice and impact of the
new institution will be. Civil society
will be watching the AIIB carefully as it
develops, strengthens and grows as an
institution.
Civil society raised a whole range of concerns on projects
potential negative impact on the rights and livelihoods of in-
digenous communities, workers, local communities, as well
as potential displacement, involuntary resettlement and envi-
ronmental destructio
n
24
28. Clean Lean and Green? | A short briefing on the Asian Infrastructure Investment Bank
Timeline of Key Events
in the AIIB
The Asian Infrastruc-
ture Investment Bank, a
new multilateral devel-
opment bank, was first
proposed by Xi Jinping
in a speech to the Indo-
nesian parliament.
October 2013
China proposed
doubling the regis-
tered capital of the
bank from $50 bil-
lion to $100 billion
and invited India
to participate as a
founding member to
the bank.
June 2014
Twenty-one
countries signed
a Memorandum
of Understanding
(MOU) regard-
ing the AIIB in
Beijing; China,
Bangladesh, Bru-
nei, Cambodia,
India, Kazakhstan,
Kuwait, Laos, Ma-
laysia, Myanmar,
Mongolia, Nepal,
Oman, Pakistan,
Philippines, Qatar,
Singapore, Sri
Lanka, Thailand,
Uzbekistan and
Vietnam.
October 24,
2014
The 1st Chief Ne-
gotiators’ Meeting
was held in Kun-
ming. The CNM
was conducted to
discuss the framing
of AIIB’s Article of
Agreement (AoA)
and the appoint-
ment of its Chief
Counsel.
November 28,
2014
The 5th CNM took
place in Singapore.
Representatives
from 57 Prospective
Founding Members
(PFMs) of the AIIB
and Mr Jin Liqun,
Secretary General
of the Multilateral
Interim Secretariat
on Establishing the
AIIB, attended the
meeting. The meeting
concluded discus-
sions and finalized
the Articles of Agree-
ment (AOA) for the
AIIB, and discussed
the Environmental
and Social Frame-
work and drafted
Procurement Policy
framework.
May 20-22
2015
25
29. C e n t e r f o r F i n a n c i a l A c c o u n t a b i l i t y
Special Ministerial Meet-
ing, chaired by Chinese
Minister of Finance Lou
Jiwei, was held, follow-
ing the Signing Ceremony
of the AOA by repre-
sentatives from 50 of the
Bank’s PFMs. The Articles
were open for signing by
the remaining PFMs until
the end of 2015. Special
Ministerial Meeting,
chaired by Chinese Minis-
ter of Finance Lou Jiwei,
was held, following the
Signing Ceremony of the
AOA by representatives
from 50 of the Bank’s
PFMs. The Articles were
open for signing by the
remaining PFMs until the
end of 2015.
June 29, 2015
Mr. Jin Liqun
was selected
by consensus
as President of
the AIIB at the
6th Meeting of
Chief Negotia-
tors in Tbilisi,
Georgia
August 24
2015
The 7th CNM on the
Establishment of the
AIIB was held in
Frankfurt, Germany.
Representatives
reached broad agree-
ment on moving for-
ward with the AIIB’s
key operational,
financial, corporate
procurement, Envi-
ronmental and Social
Framework and HR
policies.
September 28,29
2015
Mr. Jin met with the
World Bank Vice
Presidents responsi-
ble for programmes
in East Asia and
the Pacific, South
Asia, and Europe
and Central Asia,
to identify projects
for co-financing in
2016. He also met
with IMF Managing
Director Christine
Lagarde
November 2015 November 3-4
2015
The 8th CNM was
held in Jakarta,
Indonesia. Repre-
sentatives discussed
the draft AIIB 2016
Business Plan and
Budget; the draft
Public Information
Interim Policy; the
draft Environmental
and Social Frame-
work; and prepara-
tions for establishing
the Bank.
26
30. Clean Lean and Green? | A short briefing on the Asian Infrastructure Investment Bank
The bank started opera-
tion once the agreement
entered into force, after
ratifications were re-
ceived from 10 member
states holding a total
number of 50% of the
initial subscriptions of
the Authorized Capital
Stock.
Mr. Jin Liqun visited
New Delhi, where
he met with In-
dian Prime Minister
Narendra Modi, Fi-
nance Minister Arun
Jaitley, Secretary of
Economic Affairs
Shaktikanta Das and
other government
leaders.
The Board of Governors
of the AIIB convened its
inaugural meeting, de-
claring the Bank open for
business and electing Mr.
Jin Liqun as President for
a five year term to which
he can be re-elected once.
30 Governors, represent-
ing over 74 percent of the
AIIB’s allocated capital,
participated. They were
joined by observers from
the 27 signatories to
the Bank’s Articles that
were still completing the
membership process. The
inaugural meeting of the
Bank’s Board of Direc-
tors was called in Beijing
on January 17-18, 2016.
Jin Liqun and
World Bank Group
President Jim Yong
Kim signed the
first co-financing
framework agree-
ment between the
two institutions.
The AIIB announced
the appointment of
Mr. Hamid Sharif
as the first Director
General of the Com-
pliance, Effectiveness
and Integrity (CEI)
Unit. The position
reports to the Bank’s
Board of Directors.
The CEI Unit’s man-
date includes moni-
toring and evaluating
the Bank’s portfolio,
ensuring policy com-
pliance, and over-
seeing internal and
external grievance
procedures.
25 December
2015
January 11-12
2016
January 16
2016.
April 13
2016
April 14
2016
27
31. C e n t e r f o r F i n a n c i a l A c c o u n t a b i l i t y
Jin Liqun and ADB
President, Takehiko
Nakao signed a MOU
on the sidelines of
ADB’s 49th Annual
Meeting of the Board
of Governors in Frank-
furt, Germany.
The AIIB and
EBRD, based in
London, agreed to
deepen cooperation
between the two
organizations.
The AIIB and
the EIB signed a
framework agree-
ment to cooperate
in Beijing.
Jin Liqun has also
visited Korea,
Germany, Pakistan,
France, Britain,
Bangladesh, Fin-
land, and Denmark
and met with politi-
cal leaders there, as
well as with heads
of the IMF, World
Bank, ADB and
OECD, amongst
others.
The 1st Annual
Meeting of the
Board of Governors
of the Asian Infra-
structure Invest-
ment Bank was
held in Beijing.
May 2, 2016 May 11, 2016 May 30, 2016 September 2015 June 25-26, 2016.
28
32. Clean Lean and Green? | A short briefing on the Asian Infrastructure Investment Bank
Annex 1:
Signing and Ratification Status of
the Articles of Agreement of the AIIB
Prospective Founding Members Signature Ratification*
Australia 29 Jun 2015 10 Nov 2015
Austria 29 Jun 2015 3 Dec 2015
Azerbaijan 29 Jun 2015 24 Jun 2016
Bangladesh 29 Jun 2015 22 Mar 2016
Brazil 29 Jun 2015
Brunei Darussalam 29 Jun 2015 12 Oct 2015
Cambodia 29 Jun 2015 17 May 2016
China 29 Jun 2015 26 Nov 2015
Denmark 27 Oct 2015 15 Jan 2016
Egypt 29 Jun 2015
Finland 29 Jun 2015 7 Jan 2016
France 29 Jun 2015 16 Jun 2016
Georgia 29 Jun 2015 14 Dec 2015
Germany 29 Jun 2015 21 Dec 2015
Iceland 29 Jun 2015 4 Mar 2016
India 29 Jun 2015 11 Jan 2016
Indonesia 29 Jun 2015 14 Jan 2016
Iran 29 Jun 2015
Israel 29 Jun 2015 15 Jan 2016
Italy 29 Jun 2015
Jordan 29 Jun 2015 25 Dec 2015
Kazakhstan 29 Jun 2015 18 Apr 2016
Korea 29 Jun 2015 11 Dec 2015
Kuwait 4 Dec 2015
29
33. C e n t e r f o r F i n a n c i a l A c c o u n t a b i l i t y
Kyrgyz Republic 29 Jun 2015 11 Apr 2016
Lao People’s Democratic Republic 29 Jun 2015 15 Jan 2016
Luxembourg 29 Jun 2015 8 Dec 2015
Malaysia 21 Aug 2015
Maldives 29 Jun 2015 4 Jan 2016
Malta 29 Jun 2015 7 Jan 2016
Mongolia 29 Jun 2015 27 Nov 2015
Myanmar 29 Jun 2015 1 Jul 2015
Nepal 29 Jun 2015 13 Jan 2016
Netherlands 29 Jun 2015 16 Dec 2015
New Zealand 29 Jun 2015 7 Dec 2015
Norway 29 Jun 2015 22 Dec 2015
Oman 29 Jun 2015 22 Jun 2016
Pakistan 29 Jun 2015 22 Dec 2015
Philippines 31 Dec 2015
Poland 9 Oct 2015 15 Jun 2016
Portugal 29 Jun 2015
Qatar 29 Jun 2015 24 Jun 2016
Russia 29 Jun 2015 28 Dec 2015
Saudi Arabia 29 Jun 2015 19 Feb 2016
Singapore 29 Jun 2015 10 Sep 2015
South Africa 3 Dec 2015
Spain 29 Jun 2015
Sri Lanka 29 Jun 2015 23 Jun 2016
Sweden 29 Jun 2015 23 Jun 2016
Switzerland 29 Jun 2015 25 Apr 2016
Tajikistan 29 Jun 2015 16 Jan 2016
Thailand 29 Sep 2015 20 Jun 2016
Turkey 29 Jun 2015 15 Jan 2016
United Arab Emirates 29 Jun 2015 15 Jan 2016
United Kingdom 29 Jun 2015 3 Dec 2015
Uzbekistan 29 Jun 2015
Vietnam 29 Jun 2015 11 Apr 2016
*Date when the Instrument of Ratification is accepted
(source, AIIB website, downloaded 29 June 2016)
30
34. Clean Lean and Green? | A short briefing on the Asian Infrastructure Investment Bank
F o r m o r e i n f o r m a t i o n s e e :
http://www.aiib.org/
http://www.bankinformationcenter.org/our-work/aiib-safeguards/
http://business-humanrights.org/asian-infrastructure-investment-bank-aiib
http://forum-adb.org/main/advocacy/asian-infrastructure-investment-bank/
http://www.safeguardcomments.org/home-page.html
https://www.facebook.com/notes/world-bank-safeguards-protection-not-
dilution/the-walk-out-statement-read-at-the-wb-safeguards-meeting-on-
october-11-2014/661185323980127
http://www.worldbanktribunal.org/
http://www.brettonwoodsproject.org/
https://www.icij.org/project/world-bank
31
35. C e n t e r f o r F i n a n c i a l A c c o u n t a b i l i t y
36. Clean Lean and Green? | A short briefing on the Asian Infrastructure Investment Bank