Arab Today, arab today china 20 countries waiting to join asian infrastructure bank
Last Updated : GMT 15:04:40
Arab Today, arab today
Arab Today, arab today

China: 20 countries waiting to join Asian infrastructure bank

Arab Today, arab today

Arab Today, arab today China: 20 countries waiting to join Asian infrastructure bank

Delegates attend the signing ceremony for the AIIB's articles
Singapore - AFP

More than 20 countries are waiting to join the China-initiated Asian Infrastructure Investment Bank (AIIB), its designated president said Saturday as he allayed concerns it was aimed to challenge US and Japanese influence in the region.

The number could bring the AIIB on a par with or even surpass membership in the Japan-led Asian Development Bank (ADB), which currently has 67 members, 19 of them outside of the Asia Pacific, according to its website.

"We have 57 countries (which are potential founding members) and to my knowledge...more than 20 countries are on the waiting list," AIIB president-designate Jin Liqun told delegates of the Singapore Summit conference, without naming them.

"That makes it more than 70. I'm sure there will be more countries which will be interested," added Jin, a former Chinese vice finance minister who was put forward by Beijing to head the bank and was elected in August by the prospective founding members.

The AIIB has been viewed by some as a rival to the Washington-based World Bank and the Manila-based ADB, which has been headed by Japan, its biggest donor, since it was founded in 1966.

The US and Japan -- the world's largest and third-largest economies, respectively -- have notably declined to join the AIIB although they are members of the ADB, but Jin said the door is open to both.

"It takes longer for some countries to reach their internal consensus in making their decision," he said.

"We've been very much patient. As you know, the door is open to all of the countries and if they make a decision just pick up the phone, make a call and we can handle the rest of the business," he said, referring to the US and Japan.

Of the 57 AIIB potential founding members, 50 have already signed, including Australia, while the seven others have until the end of the year to affix their signatures.

The bank will be based in Beijing and will have a capital of $100 billion, with $20 billion paid initially. It is expected to start operations next year.

China will be the biggest shareholder with 30 percent. Among non-Asian participants, Germany is the largest shareholder with 4.5 percent, followed by France with 3.4 percent and Brazil on 3.2 percent.

Jin said the AIIB is not aimed at challenging the ADB and the World Bank for influence in Asia as the region's funding requirements are so massive.

He cited ADB estimates that Asia's infrastructure demand could reach $730 billion per year by 2020, vastly exceeding available resources from existing multilateral lenders.

"Creating AIIB has never been about challenging existing institutions. The world stage is spacious enough to allow many actors to perform," Jin said.

 

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today china 20 countries waiting to join asian infrastructure bank Arab Today, arab today china 20 countries waiting to join asian infrastructure bank

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today china 20 countries waiting to join asian infrastructure bank Arab Today, arab today china 20 countries waiting to join asian infrastructure bank

 



Arab Today, arab today
Arab Today, arab today Designer Aql Faqih aspires to innovation

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation
Arab Today, arab today Malaysia Airlines picks new CEO

GMT 12:54 2017 Saturday ,21 October

Malaysia Airlines picks new CEO
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Residents get glimpse of Raqa in ruins

GMT 07:10 2017 Saturday ,21 October

Residents get glimpse of Raqa in ruins
Arab Today, arab today Hiring not part of Alibaba pledge

GMT 11:26 2017 Wednesday ,18 October

Hiring not part of Alibaba pledge
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today World's deepest lake in peril

GMT 15:54 2017 Friday ,20 October

World's deepest lake in peril
Arab Today, arab today Ex-French minister Dati wants tough action

GMT 10:54 2017 Thursday ,19 October

Ex-French minister Dati wants tough action
Arab Today, arab today Delhi braces for pollution 'airpocalypse'

GMT 16:07 2017 Friday ,20 October

Delhi braces for pollution 'airpocalypse'
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today EU raids automaker BMW

GMT 11:06 2017 Saturday ,21 October

EU raids automaker BMW
Arab Today, arab today Sweden to get biggest car factory

GMT 14:10 2017 Friday ,20 October

Sweden to get biggest car factory
Arab Today, arab today Actress Mona Zaki praises husband’s role

GMT 08:15 2017 Thursday ,19 October

Actress Mona Zaki praises husband’s role
Arab Today, arab today Massacre fears spark race

GMT 19:09 2017 Thursday ,19 October

Massacre fears spark race

GMT 08:57 2017 Wednesday ,18 October

Actress Shery Adel happy for Egypt’s qualification

GMT 18:15 2017 Monday ,16 October

British actress becomes fifth woman

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam

GMT 16:00 2017 Wednesday ,18 October

Climate-disrupting volcanoes helped topple

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 09:56 2017 Friday ,20 October

Privacy Groups Warn of Perils

GMT 08:04 2017 Thursday ,19 October

Second US judge orders freeze

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 20:46 2017 Thursday ,19 October

Qualcomm files lawsuits in China to ban iPhones

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday