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Showing posts with the label Asian Infrastructure Investment Bank

ASIAN INFRASTRUCTURE INVESTMENT BANK: A NEW BANKING ALTERNATIVE – ANALYSIS ( Source- The Eurasia Review, Author- Jayashree Sengupta/ Observer research Foundation )

Source- The Eurasia Review Author- Jayashree Sengupta/ Observer research Foundation  By all accounts, poor infrastructure is the biggest stumbling block for achieving higher economic growth. Lack of roads, highways, power, ports, airports and water has acted as the main deterrent to attracting foreign direct investment, especially in the South Asian region. The first initiative to address the needs of developing and emerging market economies for infrastructure was the establishment of the New Development Bank by BRICS in Shanghai. This was announced at Fortaleza, Brazil, in July 2014 and marked a paradigm shift in the global financial system towards a new economic order in which the role of the IMF and the World Bank will be considerably diminished. And now the creation of the Asian Infrastructure Investment Bank (AIIB) has reinforced the trend. The AIIB was announced October 24, 2014, by China along with 20 other Asian countries which signed the MoU. The bank will be fun