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Business > Small Business
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BRUSSELS, Jan. 23 (Xinhua) -- China does not control or dominate the
decision-making of the Asian Infrastructure Investment Bank (AIIB) Authentic
Jessie Bates III Jersey , the bank's president Jin Liqun reiterated
here on Monday.
As a Beijing-headquartered multilateral development bank with a mission to
improve social and economic outcomes in Asia and beyond, AIIB now counts 84
members -- rising from 57 at its commencement two years ago.
AIIB has been applying high standards of governance based on international
best practices to build the institution, Jin said in a speech to an event
jointly hosted by think tanks the Bruegel and the Egmont Institute, noting that
only 18 months into operation the bank received top ratings from all three
international credit rating agencies.
The rating agencies once asked "how does China control this bank, how does
China dominate the decision-making of this bank" Authentic Billy
Price Jersey , Jin said.
"The answer is a straightforward no." Jin said, recalling the conversation at
the time. "We don't feel it at all in the management team."
Asian countries account for 75 percent of AIIB's shares and non-Asian
countries altogether account for 25 percent, which translate to voting power,
but three out of the bank's five vice presidents are European.
"Belgium would be a full member very soon. I'm looking forward to Belgium's
full membership in a couple of weeks or months," Jin said to the European
audience. "I want Europeans to join this bank."
"In our executive committee meeting Authentic
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we reach consensus on making any decision. No decision has ever been made
without thorough debate in the executive committee...It never ever has
happened," he said.
INDIA IS MAIN BORROWER
While Jin did not in his speech address the AIIB's specific projects and
borrowers, an analysis of the bank data shows that India has so far become
AIIB's main borrower.
The bank's website lists 24 approved projects in 12 countries, with loans
exceeding 4.2 billion U.S. dollars. Among them, there are five Indian projects
totaling 1.074 billion Authentic
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That is in stark contrast with earlier fears -- largely from the West -- that
China would channel money through AIIB to its "friends" over its "rivals",
Available evidence shows that AIIB focuses on capacity of its projects to
yield future returns, reflecting a sensible market-oriented objective approach
as a development finance institution, Amitendu Palit, Senior Research Fellow at
the Institute of South Asian Studies at the National University of
Carlos Dunlap Jersey , wrote in an email to Xinhua.
There is little possibility of China "favouring" any of its "friends" through
the AIIB given its multilateral character and the fact that the quality of
projects is the main criteria for funding, Palit added.
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