India has already begun diversifying its funding sources by looking for more financial support from the three year old Asia Infrastructure Investment Bank (AIIB), headquartered in Beijing. Hitherto, it had sought financial aid from bodies like Japan’s ODA, the Asian Development Bank (ADB) and the World Bank and the IFC besides other commercial bands and funds.
Mumbai : Expressing concerns over the rising protectionist policies followed by some developed nations, Asia Infrastructure Investment Bank (AIIB) president Jin Liqun on Tuesday said such moves weaken the prospects for all countries, including those who are practicing them.
The New Development Bank (NDB) was established by the five emerging economies known as BRICS consisting of Brazil, Russia, India, China and South Africa. Its Head Office has been established at Shanghai with India’s K V Kamath as its first President. The NDB provides a new window for the developing countries to access funding without having to follow the nefarious diktats of the International Monetary Fund (IMF) and World Bank (WB) duo.
New Delhi : India is likely to get the Vice President’s post in China-backed Asia Infrastructure Investment Bank (AIIB) in which India and 56 countries have been admitted as founding members.
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