Washington wants its allies to stay away from the Asian Infrastructure Investment Bank

Veröffentlicht: 26. März 2015 | Autor: | Abgelegt unter: Asian Infrastructure Investment Bank (AIIB), Hegemonial-Interessen | Tags: | Ein Kommentar
Washington wants its allies to stay away from the Asian Infrastructure Investment Bank
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On March 20, Japanese Finance Minister Taro Aso told reporters that under the right circumstances, his government might become a member of the Chinese-led Asian Infrastructure Investment Bank (AIIB). In Washington, which has urged allies to steer clear of the AIIB, jaws dropped. Tokyo, Washington’s closest Asian ally, is disregarding U.S. concerns and considering membership in an investment bank led by Japan’s primary rival.

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There’s a bigger story here.
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U.S. allies are not shunning Washington. They’re hedging their bets to adapt to a world where economic power is more widely distributed. Shared values still matter, and all these countries will continue to count on strong relations with the world’s only superpower. But Obama and his successors will face a difficult question: In a world that needs America less, how can Washington protect and maintain its dominant influence?
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Ian Bremmer – TIME Magazin
(Foreign-affairs columnist Bremmer is the president of Eurasia Group, a political-risk consultancy)

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Anmerkung
Fraglich, ob unser geostrategischer Schachspieler diese Entwicklung auf dem Zettel hatte.
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Ihr Oeconomicus
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follow-up, 02.04.2015
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What does the AIIB mean for the US?
Over forty countries have expressed interest in joining the Asian Infrastructure Investment Bank (AIIB), a $50 billion Chinese-led fund launched last October with the aim of providing project loans to developing countries in Asia. Despite warnings from Washington to keep safe distance, many of the countries that have joined are close US allies from around the world. Even Japan is mulling membership, caught between the preferences of its largest ally – the US – and its largest trading partner – China. These countries are hedging their bets for a world in which American leadership and global leadership are no longer so similar.
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Ian Bremmer – Agenda World Economic Forum
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BRICS-Staaten gründen eigene Entwicklungsbank (+ several updates)

Veröffentlicht: 26. März 2013 | Autor: | Abgelegt unter: Asian Infrastructure Investment Bank (AIIB), BRICS-Staatem | Tags: | Hinterlasse einen Kommentar
BRICS-Staaten gründen eigene Entwicklungsbank
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Die BRICS-Staaten haben sich auf die Gründung einer eigenen internationalen Entwicklungsbank geeignet. Dies bestätigten südafrikanische Regierungsbeamte am Dienstag vor der offiziellen Eröffnung des BRICS-Gipfeltreffens in Durban, die für den frühen Abend geplant war.
Im Zentrum der zweitägigen Konferenz der Staats- und Regierungschefs von Brasilien, Russland, Indien, China und Südafrika (BRICS) stehen das Bestreben nach mehr ökonomischer Unabhängigkeit vom Westen sowie die stärkere Einbeziehung des afrikanischen Kontinents.
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wiwo
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BRICS eye infrastructure funding through new development bank
Five giants of the developing world have in principle agreed to create a development bank to provide initial funding for infrastructure projects worth $4.5tn (£3tn), in a potentially historic challenge to western-dominated financial institutions.
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The BRICS bank will potentially rival the World Bank, where Africa holds only three seats on the 25-seat board and where Nigeria’s Ngozi Okonjo-Iweala was defeated for the presidency last year. The World Bank and IMF continue to be dominated by America and Europe.
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Guardian
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BRICS Countries to Establish BRICS Development Bank
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BRICS bank to compete with World Bank
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Hegemonic corporations scared as BRICS plan bank to rival IMF
A new global bank is being born in South Africa – where the world’s top emerging economies are meeting. The new financial powerhouse would be a direct challenger to the World Bank and the IMF – both dominated by the US. Brazil, Russia, India, China and South Africa also green-lighted a new, mammoth crisis fund – and hinted they would ditch the dollar.
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Anmerkung
Aus transatlantischer Sicht wird man diese Entwicklung keinesfalls begrüßen. Dies bedeutet ‚Überstunden‘ für alle politischen Semantiker, Polit-Ökonomen und Vertretern vorwiegend amerikanischer Geostrategen, ganz sicher unterstützt von den Wichtigtuern des IMF, der Weltbank und der WTO.
Spannende Zeiten voraus!
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Ihr Oeconomicus

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follow-up, 26.10.2014
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China Launches New Asia Development Bank
China and 21 other countries have agreed to start an international development bank to fund infrastructure projects throughout all of Asia. However, the proposal has drawn criticism from the United States, and three invited countries skipped Friday’s bank launch.
China and the other countries have launched what is called the Asian Infrastructure Investment Bank. The member nations include Myanmar, Vietnam, Laos, Cambodia, Vietnam and the Philippines. Among South Asian nations, India, Pakistan, Bangladesh and Nepal are signed up.
In Beijing, China’s Foreign Ministry spokesperson, Hua Chunying, said finance ministers of the membership are looking forward to how the AIIB can improve their countries.
President Xi Jinping met with members of the 21 other countries and said they all expressed a desire to pursue common development. Xi said the AIIB would promote regional development and be inclusive and open.
However, three countries skipped the bank’s launch. Indonesia – Southeast Asia’s biggest economy – was a no show. So were Australia and South Korea, although South Korea said there would be no reason to not join the bank if certain conditions were met.
The proposal for the development bank has met with strong criticism from the U.S. State Department.
Spokeswoman Jen Psaki has said Secretary of State John Kerry has made clear directly to the Chinese that Washington welcomes the idea of an infrastructure bank for Asia, but strongly urges that it meet international standards of governance and transparency. She said the U.S. has concerns about the ambiguous nature of the AIIB proposal as it currently stands.
Washington has also expressed worries the bank will undercut the World Bank and Asian Development Bank.
On Friday, China’s Foreign Ministry responded to that criticism, saying that the bank is intended to satisfy the infrastructure needs in the region.
Spokesperson Hua said China is doing this to promote solidarity, and that the bank will be supplementary and complementary to other banks.
On transparency, Hua said China and the 21 other members will cooperate to make the AIIB’s financing structure open and inclusive.
China proposed the formation of the bank one year ago, and it is expected to begin operations next year. The bank is also fueling concerns that it will allow China to have undue influence in Asia; China will be the largest shareholder with a 50 percent stake, and it will contribute up to $50 billion in capital.
Supporters of the proposal say the bank, unlike the World Bank and Asian Development Bank, will focus on infrastructure projects instead of poverty reduction. In 2009 the Asian Development Bank estimated the region would need $8 trillion in infrastructure investment by 2020.
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follow-up, 15.07.2014
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BRICS Establish $100 Billion Bank to Rival Western Dominated IMF
The emerging economies signed a long-anticipated document to create a $100 billion BRICS Development Bank. The institution will counter the influence of Western lending firms as well as the dollar.
The new bank will provide money for infrastructure and development projects in BRICS countries. Each country will send either their finance minister or Central Bank chair to the bank’s board.
Leaders from the five nations – Russia’s President Vladimir Putin, Brazil’s Dilma Rousseff, China’s Xi Jinping, India’s Narenda Modi, and South Africa’s Jacob Zuma, gathered in Brasilia, Brazil. The meeting is the first BRICS summit for India’s newly elected PM Modi, and the 6th overall.
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Putin: „unique BRICS have achieved all our goals so far“
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follow-up, 14.07.2014
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BRICS countries set to create their own bank
Brazil, Russia, India, China and South Africa represent the world’s most powerful emerging economies, and expectations are high that they will establish a new financial institution to counter the influence of the World Bank and International Monetary Fund.
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Development Bank on BRICS agenda
Creating a development bank for the BRICS countries is one of the stated goals of the five nation summit in Brazil. It’s a way for developing nations to complement and also counterbalance the World Bank and the International Monetary Fund with their own alternative fund.
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Anti-Dollar Alliance Prepares Launch Of BRICS Bank
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Mitglieder und Gäste des BRICS summit in Fortaleza
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follow-up, 11.07.2014
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New Development Bank Likely to Top Agenda of BRICS Summit in Brazil
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follow-up, 10.07.2014
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BRICS bank to be headquartered in Shanghai
Russian Finance Minister Anton Siluanov earlier said the short-list of cities for the bank’s headquarters included Shanghai and New Delhi.
According to Ushakov, the agreement on founding the New Development Bank of BRICS and on creation of an exchange reserves’ pool will be signed at the next summit of the organization to take place in Brazil’s Fortaleza July 15-16.

“Thus, the basis for the macroeconomic coordination of the five states will be laid,”

the presidential aide noted.

“The new institutions will allow enforcing the global finance system, which is particularly important amid the IMF reform that reached a deadlock.”

The authorized stock of the bank amounts to $100 billion, the dedicated capital — $50 billion, the paid-in capital — $10 billion (paid upon request — $40 billion). The paid-in capital will be formed within 7 years.

“Russia’s stake is $2 billion, that means the capital is proportionally distributed among the bank’s participants,”

Siluanov noted earlier. There is an agreement between the countries that the stake of BRICS members in the capital will not be lower than 55%. The bank will engage in infrastructure projects mainly in the BRICS countries.
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itar-tass

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follow-up, 23.05.2014
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BRICS Development bank to be established in July
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follow-up, 16.04.2014
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BRICS Consider Creating IMF-Alternative As US Loses Credibility
The BRICS countries (Brazil, Russia, India, China and South Africa) have made significant progress in setting up structures that would serve as an alternative to the IMF and the World Bank (which are dominated by the U.S. and the EU), according to RBTH. As WSJ reports, the U.S. would lose its veto power on the International Monetary Fund’s executive board under a plan being considered by some emerging economies. The countries are fed up with the United States‘ failure to ratify a four-year-old deal to restructure the emergency lender. Yet more loss of credibility on the global stage and, as Brazil’s FinMin Mantega sums up, „the IMF cannot remain paralyzed and postpone its commitments to reform.“
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Tyler Durden, zerohedge
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follow-up, 11.04.2014
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West scared of BRICS as it has no control over it
Representing a fifth of the world economy, the BRICS states pose a challenge to the US-dominated world. Submarket growth in Russia and the West could also change more rapidly, shifting the whole world system Eastwards. Is this the start of a new era? Former Foreign Secretary of India Kanwal Sibal is on Sophie&Co today.
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