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Sunday, October 26, 2014

China launches new World Bank rival

China and India are backing a 21 country $100 billion Asian Infrastructure Investment Bank (AIIB) to challenge to the World Bank and Asian Development Bank.

 Memorandum of understanding were signed with 21 Asian countries in Beijing Friday. Australia, Indonesia and South Korea were absent following hidden pressure from Washington.

The development bank was proposed a year ago by Chinese President Xi Jinping, and is to offer financing for infrastructure projects in underdeveloped Asian countries.

Headquartered in Beijing, former chairman of the China International Capital Corp investment bank Jim Liqun, is expected to take a leading role.

The bank will initially be capitalized with $50 billion, most of it contributed by China. The country is planning to increase authorized capital to $100 billion. With that amount the AIIB would be two-thirds the size of the $175 billion Asian Development Bank.

India will be the second largest bank shareholder though Kuwait, Qatar, Mongolia, Kazakhstan, Pakistan, Nepal, Oman, and all the countries of the Association of Southeast Asia, except Indonesia are involved.

Australia, Indonesia and South Korea did not participate following US claims of ‘concerns’ about a rival to Western-dominated multilateral lenders.(surprise suprise, lap dog australian government against it)
Read here....
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This might be a good idea, it could knock some sense into western elitists that they are not here to take what's not theirs, but to do real business, to stop trying to control the world though bribes and military means, to stop promoting business cartels in their own countries and start offering competitive prices. (I.E.;cell phones and 43% taxation on canadians)
Will they do this? No. they're to stupid. They will on the other hand, try to undermine China and India, loose time trying to keep what they took, and greed will blind them...

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