(a) the objectives of Asian Infrastructure Investment Bank (AIIB) vis-a-vis BRICS New Development Bank, the World Bank and Asian Development Bank;
(b) the shareholding of each member of the country in the AIIB;
(c) whether some Asian countries have decided to not be a member of AIIB; and
(d) if so, the details thereof and the reasons there for? |
| ANSWER |
MINISTER OF STATE IN THE MINISTRY OF FINANCE (SHRI JAYANT SINHA)
(a): AIIB: The AIIB has the mandate to foster economic development, create wealth and improve infrastructure connectivity in Asia by investing in infrastructure and other productive sectors; and promote regional cooperation and partnership in addressing development challenges by working in close collaboration with other multilateral and bilateral development institutions.
BRICS NDB: The purpose of the BRICS NDB shall be to mobilize resources for infrastructure and sustainable development projects in BRICS and other emerging economies and developing countries, to supplement the existing efforts of multitateral and regional financial institutions.
World Bank (IBRD): The purpose of the IBRD is assisting in the reconstruction and development of territories of members by facilitating investment for productive purposes, including the restoration of economies destroyed or disrupted by war, the reconversion of productive facilities to peacetime needs and the encouragement of the development of productive facilities and resources in less developed countries. The purpose of the IBRD is also to promote private foreign investment, promote long-range balanced growth of international trade, and to arrange the loans for more useful and urgent projects, large and small alike. Asian Development Bank (ADB): The purpose of the ADB is to foster economic growth and co-operation in the region of Asia and the Far East and to contribute to the acceleration of the process of economic development of the developing member countries in the region, collectively and individually.
(b): The shareholding of each member country will be decided after negotiations on the Articles of Agreement (AoA) of the Bank are concluded and the membership is finalized.
(c): The membership of the AIIB is open to all countries provided they are committed to regional development in Asia and global economic development. So far, 22 countries have signed the inter¬governmental Memorandum of Understanding (MoU) on establishing the Asian Infrastructure Investment Bank (AIIB). All the signatory countries have become prospective founding members of AIIB. As regards whether some Asian countries have decided to not to be a member of AIIB, such information has not been conveyed to India.
(d): Does notarise. |
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