Search Result for : Aiib

Deepak Kumar China has once again expressed its interest in inviting India to join its ambitious One-Belt-One-Road (OBOR) connectivity project, envisaged to connect Asia with Europe and Africa through a network of rail routes, highways, gas and oil pipeline and other mega connectivity projects. India, however, remains wary of this regional and cross-continental connectivity project, especially since the project includes China-Pakistan-Economic-Corridor (CPEC) running through disputed PoK, and the possibility of playing second fiddle to the Chinese in the latter’s infrastructural projects.  Apart from the contentious CPEC project, which India claims it challenges its sovereignty, China’s successful underlying of the OBOR project will hurt India more. If India does become a part of this mega project, then it may just become a subordinate to ...

The Dollar Business Bureau The World Bank and the Asian Infrastructure Investments Bank (AIIB) have sanctioned a loan of Rs.6,325.50 crore for the construction of stagnant Pune metro rail project. The loan will be taken by the Special Purpose Vehicle (SPV) for Pune metro, while the central government will provide sovereign guarantee for the transaction. The announced loan would be co-financed by the Word Bank and the AIIB. The amount will be split in two-three smaller tranches. Following announcements from the World Bank and China-led AIIB Bank, the government has given its approval for loan assistance of Rs.6,325.50 crore for the first phase of Pune metro rail project. The repayment of the loan would be borne by the SPV. The repayment will be ...

 The Dollar Business Bureau India is planning a list of projects for $2-3 billion to be funded by the China-led Asian Infrastructure Investment Bank (AIIB) in various sectors such as urban development and energy. It is also open to the idea of setting up an office of the global banking institution in New Delhi.  “India has a huge unmet demand for investment in infrastructure and is preparing a basket of projects worth $2-3 billion for AIIB funding in the areas of urban development (including smart cities), energy, urban transport, railways, inland waterways and water supply,” Finance Minister Arun Jaitley said. Addressing the Board of Governors of the Annual General Meeting (AGM) of the AIIB headquartered in Beijing, Jaitely said the bank has been founded at ...

Source: PTI    China-backed Asian Infrastructure Investment Bank (AIIB) in which India and 56 countries have joined as founding members was formally opened in Beijing on Saturday by President Xi Jinping. “This is a historical moment,” Xi said addressing the ceremony of the bank, which along with the BRICS New Development Bank (NDB) is expected to expand infrastructure financing, rivalling the World Bank and Asian Development Bank. An Indian delegation headed by Dinesh Sharma, additional Secretary in the Ministry of Finance attended the opening ceremony. In all 57 countries have joined as founding members while US and Japan stayed out. The bank was formally established in Beijing on December 25, 2015.  Chinese Finance Minister Lou Jiwei was elected as the first Chairman ...

The Dollar Business Bureau China is by far the largest AIIB stakeholder with 30.34% share, followed by India and Russia holding 8.52% and 6.66% respectively   What is widely regarded as a rival to the World Bank and other global bodies, the Asian Infrastructure Investment Bank (AIIB) was formally set up on Friday and it is expected to begin operations early next year. China’s Ministry of Foreign Affairs on Friday confirmed that 17 funding members with initial capital of 50.1% of the total share have deposited the instruments of ratification and the bank is likely to commence operations early next year.  “The articles of agreement of the Asian Infrastructure Investment Bank, dated June 29, 2015, entered into force on December 25, 2015,” ...

The Dollar Business Bureau  Asia Pacific’s share of global exports is also projected to increase from about a third in 2015 to 46% in 2050   India has the potential to outpace China in terms of merchandise exports in 2025-50, said a report by HSBC Financial Services. “We expect growth in merchandise exports from India to average 6% a year in 2025–50, compared with just under 5% a year for China,” said HSBC in its report. The report, titled ‘The Trade Winds: shaping the future of international business’ indicates that during 2025-50, India as well as China and other developing countries will seek to maintain their growth as they will move towards the production of higher-value products and away from an over-reliance ...

Source: PTI China's top legislature on Wednesday ratified the Asian Infrastructure Investment Bank (AIIB) agreement, that will set out legal framework for the $100 billion-bank in which India and 56 other countries are founder members. Lawmakers voted on the agreement at the closing meeting of the bimonthly session of the National People's Congress (NPC) Standing Committee, state-run Xinhua news agency reported. The ratification is a significant step closer to the AIIB's formal establishment slated for the end of this year, as China is the bank's largest shareholder. The China-backed multilateral development institution is tasked with financing infrastructure construction across Asia. The Beijing-based bank could rival World Bank, International Monetary Fund and the Asian Development Bank in scaling up funding for the ...

Source: PTI China on Tuesday dismissed any apprehensions in India on its ambitious multi-billion dollar Silk Road projects stretching across continents to build infrastructure and improve connectivity with the avowed aim of expansion of trade and development. It also sought to assure India that there are benefits for countries joining the projects envisaged under the One Belt and One Road (OBOR) unveiled by President Xi Jinping two years ago. “There are some media which say China is in an expansion mode and damaging the world. The key objective of OBOR is to share benefits with all countries involved with China, the second largest economy in the world,” Liu Yunshan, the fifth ranking member of the powerful Standing Committee of the ruling Communist ...