Asian Bank launched but India may not insist on VP post, expects first loan

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dent at the $100 billion bank. India’s representative at Saturday’s ceremony, Dinesh Sharma, additional secretary finance, said India has put up strong arguments for the post of vice president, but he would not mind if the position was not available.
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In fact, India did not send a minister to the event, which saw several Asian and European countries sending ministers and top officials. Sharma said the finance minister could not come because he had other commitments.
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New Delhi expects half of the first year’s loan disbursement of the bank to go to India.
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“It plans to disburse about $1.2 billion,, half of which would be in India. India has already posed 3-4 projects prepared by States, including in power and drinking water,” the Indian Embassy in Beijing said in a fact sheet.
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“This is a historical moment,” Chinese President Xi Jinping while launching the bank, which is widely seen as a rival to the World Bank.
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This is also the first time that a multilateral bank has been created without the involvement of the United States and Japan. What is more, Xi has managed to rope in close allies of the US like Great Britain, France, South Korea and Philippines as members of the AIIB despite Washington’s objections.
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President Xi said the bank would “effectively boost investment for infrastructure in Asia, channel more resources, particularly private investment for infrastructure projects, and promote regional connectivity and economic integration.”
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VP post Will not help India’s Development, Money Will.
Vishnu Swaroop Kyanam
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At the inauguration, Xi said that the founding of the new bank “means a great deal to the reform of the global economic governance system”.
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The AIIB would make the global economic governance system more just, equitable and effective,” Xi said.
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The remark was seen as a criticism of the World Bank and the Asian Development Bank. China has been campaigning for an alternative bank on the plea that existing multilateral banks are dominated by the United States.

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