66713
AIIB Touts Growth, Sustainability
World Economy

AIIB Touts Growth, Sustainability

Leaders of the China-backed Asian Infrastructure Investment Bank touted its growing membership and commitment to sustainable development at its annual meeting, even as environmental groups were disappointed by its openness to investing in coal projects.
The AIIB, which has 80 member countries, was set up to help meet the estimated $26 trillion need for infrastructure spending in Asia through 2030, while also demonstrating that a China-led institution can meet international standards for best practice, Reuters reported.
The United States and Japan, both members of the Manila-based Asian Development Bank, have not joined the AIIB.
The AIIB has pledged to use its investments to help members fulfill their commitments to the Paris climate accord, which the United States is withdrawing from under President Donald Trump. “We will not consider proposals if we are concerned about the environmental and reputational impact,” AIIB president Jin Liqun, a former vice president at the ADB, said Friday at the opening ceremony in Jeju, South Korea.
But the bank did get pushback from environmental groups about its commitment to being green, with several NGOs saying they were disappointed the bank’s new energy industry strategy, adopted Thursday, left the door open for coal sector investment.

 Beijing’s Tool?
The AIIB, China’s first effort to launch a multilateral development organization, has been careful publicly to put distance between itself and Chinese government policy as it looks to placate concerns it will be a tool of Beijing’s foreign policy.
AIIB president Jin said “there’s been some confusion” about the relationship between AIIB and China’s huge “Belt and Road” infrastructure development and foreign policy initiative.
“We operate by our standards, by our governance. The Belt and Road is a marvelous program ... but we have our standards,” he told a Saturday news conference on the South Korean holiday island of Jeju.
The bank began operations 18 months ago and has approved $2.5 billion in loans. It expects that to reach about $4 billion by the end of this year. By comparison, the ADB made $17.74 billion in commitments last year.
AIIB has about 100 staff, which some meeting attendees said limits the depth of sector expertise and leads it to rely on partners to carry the load on project assessments. The bank said it is ramping up hiring but did not give target numbers.

Short URL : https://goo.gl/ifWouA
  1. https://goo.gl/QFnEv6
  • https://goo.gl/3a8xvw
  • https://goo.gl/bsKfR4
  • https://goo.gl/gzSKZb
  • https://goo.gl/g4PhfD

You can also read ...

Cyber threats are ever-evolving.
The White House released a report that found that the economic...
Global Investors Target Zimbabwe Energy Sector
Zimbabwe has become a magnet for billionaire global firms such...
BSP said the planned RRR cuts are part of the bank’s financial market reforms.
The Bangko Sentral ng Pilipinas said it was reducing banks’...
FAO regional representative Julio Berdegue (R), and the deputy regional representative Eve Crowley.
Identifying territories where rural poverty is most entrenched...
Asean Labor Flows Hit a Wall
Tighter restrictions on foreign labor in Malaysia and Thailand...
The country’s GDP grew by 3.2% in 2017 but will  edge down in the coming years.
A report by the International Monetary Fund showed Sunday that...
Baby-boomers will start turning 75 or older in 2022, which is expected to trigger a surge in health care and nursing care costs.
Amid stalling inflation and ballooning government spending,...
Lagarde Backs Creation of European Monetary Fund
International Monetary Fund chief Christine Lagarde has no...

Add new comment

Read our comment policy before posting your viewpoints

Trending

Googleplus