Aiib Agreement

« The Government of India, the Government of Maharashtra, Mumbai Railway Vikas (Development) Corporation and the Asian Infrastructure Investment Bank (AIIB) today signed a $500 million mumbai Urban Transport Project III loan agreement to improve network capacity, service quality and safety of Mumbai`s commuter rail system, » the Finance Ministry said in a statement. NEW DELHI, August 24 (Xinhua) — The Indian government on Monday signed a $500 million agreement with the Asian Infrastructure Investment Bank (AIIB) to improve network capacity, service quality and safety of the commuter train system in Mumbai, Maharashtra`s capital, officials said. The Asian Infrastructure Investment Bank (AIIB) is a multilateral development bank with the goal of improving economic and social performance in Asia. [4] The Bank currently has 103 members and 21 potential members from around the world. [1] The Bank began operations after the agreement came into force on 25 December 2015, following the conclusion of ratification agreements concluded by ten Member States, which held a total of 50% of the first subscription of the authorized capital stock. [5] The statutes form the legal basis of the bank. 57 potential founding members (PFMs) covered by Schedule A of the agreement can sign and ratify the articles and thus become members of the Bank. Other States Parties to the International Bank for Reconstruction and Development or the Asian Development Bank may become members after the Bank approves their membership. [5] The statutes came into force on 25 December 2015. On 16 January 2016, the Bank`s Governing Council convened its constituent meeting in Beijing and declared the Bank open to business.

Jin Liqun was elected President of the Bank for a five-year term. Seventeen states (Australia, Austria, Brunei, China, Georgia, Germany, Jordan, Luxembourg, Mongolia, Myanmar, the Netherlands, New Zealand, Norway, Pakistan, Singapore, South Korea and the United Kingdom) had jointly deposited 50.1% of the first authorized capital subscriptions, filed the instrument for ratification of the agreement, which triggered the entry into force and made it all the founding members[37] and the articles of the agreement , the Statutes of the Bank. Another 35 countries followed, with the authorized capital held by the bank`s 29 members increasing to 74%. Former World Bank President Jim Yong Kim said infrastructure needs in developing countries are important, so the activities of the new organizations would be welcome. [94] Our position on the AIIB remains clear and consistent. The United States and many of the world`s major economies agree that there is an urgent need to improve infrastructure investment around the world. We believe that any new multilateral institution should take into account the high standards of the World Bank and regional development banks. On the basis of many discussions, we are concerned that the AIIB will meet these high standards, particularly in the area of governance, and […] The international community has an interest in the AIIB complementing the existing architecture and cooperating effectively with the World Bank and the Asian Development Bank. [33] China`s economy is deeply integrated into the global economy and is an important driving force for the Asian economy and even the world as a whole. […] China`s investment opportunities are growing. New technologies, new products, new business models and new business models are regularly created.

[…] China`s opportunities for external cooperation are expanding. We support the multilateral trading system, we focus on the Doha Round negotiations, support the Asia-Pacific Free Trade Area, encourage the negotiation of a comprehensive regional economic partnership, support the creation of the Asian Infrastructure Investment Bank (AIIB), fully encourage economic and financial cooperation, and work as an active promoter of economic globalization and regional integration[16] There is no consensus in the United States on the role of the AIIB.