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The Asian Infrastructure Investment Bank (AIIB) is a China-led international financial institution created to offer finance to infrastructure projects as part of China's Silk Road initiative, with a focus on bolstering links across Asia, the Middle East, Africa and Europe. Some government officials and analysts have said growing dissatisfaction among emerging economies at the failure to reform the International Monetary Fund's decision-making system encouraged China to set up the new international lender, with 57 participating countries.
The government is also suspending its participation in the multilateral organisation indefinitely, Deputy Prime Minister Chrystia Freeland says.
Beijing sends out officials to counter this ‘peak status’ perception, acknowledging short-term problems but framing long-term economic growth as inexorable.
Hong Kong is ‘very much back in motion’, James von Moltke says after the German lender hosts a board meeting in the city. German clients have ‘no sense of a separation of the links’ between the German and Chinese economies, he adds.
Dialogue between the two countries is recovering, with top-level commitments on the weekend, analyst says.
The project to upgrade 7,000km of roads will help link the agricultural north of the country with major export hubs, including the port of Abidjan.
COP28 president designate praises bank’s new climate action plan; new report questions AIIB accountability process.
Neither India nor Brazil want to lose influence in the bloc, but observers say New Delhi’s recent tilt to the West mean its ‘makes sense’ for other BRICS members to back Beijing’s push to welcome Saudi Arabia, Indonesia and others into the fold.
Fallout from the explosive resignation of the bank’s global communications head has already sparked a Canadian investigation.
Deputy prime minister announces review of Ottawa’s membership in Beijing-based lender hours after ex-director alleged that ‘party people run the bank’.
The New Development Bank (NDB), which funds infrastructure developments in emerging economies, is looking to finance more projects in local currency as a way of avoiding fluctuations in exchange rates, says its president, Dilma Rousseff.
More than one-third of the island nation’s families are going hungry. Its economy is shrinking. But Colombo can’t get its bailout until Beijing gives it financing assurances.
The China-backed Asian Infrastructure Investment Bank (AIIB) is set to establish its first overseas office in Abu Dhabi, the capital of the United Arab Emirates, to ‘gain experience’ before establishing its ‘long-term global presence’.
Collaboration between the Moscow-led Eurasian Economic Framework and Beijing’s Belt and Road Initiative is at risk of ‘secondary sanctions’ following Russia’s invasion of Ukraine, analysts say.