• Asian Infrastructure Investment Bank (AIIB) formally established in Beijing

    Ramesh Tiwari
    December 26, 2015
    Asian Infrastructure Investment Bank (AIIB) formally established in Beijing

    BEIJING (Xinhua) — The China-initiated Asian Infrastructure Investment Bank (AIIB), a complement to existing international financial system, was formally established  in Beijing and expected to start operation early next year.

    “The AIIB is legally established as the Articles of Agreement take effect today,” said China’s Minister of Finance Lou Jiwei.

    The Articles of Agreement outlines the financial share of each founding member as well as rules for policymaking, governance structure, and business and operational systems for the bank. It became effective once the legislatures of 17 members, who hold a combined 50.1 percent stake in the bank, ratified the agreement.

    As long as at least 10 signatories, and no less than 50 percent of the capital contribution, obtain legislative approval, the agreement will become effective.

    The establishment of the AIIB marks a milestone in the reform of global economic governance system, Lou said.

    The AIIB will be operational after board of directors and executive council meet for the first time. The meetings are slated to run from Jan. 16 to 18 in Beijing, according to Lou. The bank’s president will be officially appointed and the management team will be in place at the meetings.

    The bank will start recruiting new members, Jin Liqun, the bank’s president-designate, said in an interview with Xinhua, adding that members of the International Bank for Reconstruction and Development and the Asian Development Bank (ADB) could apply to join the AIIB.The bank will always be open to new membership, Jin said.

    “We aspire to excellence and will adhere to the highest standards in governance,” he said, promising that he will be firmly committed to fostering a principles-based corporate culture.

    “Our Management will be fully accountable for rigorous implementation of policies and standards. We are ready to make a positive difference,” said Jin.The bank, headquartered in Beijing, now has 57 members.

    China, India and Russia are the three largest shareholders, taking a 30.34 percent, 8.52 percent, 6.66 percent stake, respectively. Their voting shares are calculated at 26.06 percent, 7.5 percent and 5.92 percent.

    As its name suggests, the AIIB will finance infrastructure — airports, mobile phone towers, railways and roads — in Asia.There is a yawning infrastructure funding gap in Asia. The ADB pegged the hole with about 8 trillion U.S. dollars between 2010 and 2020.

    While both the ADB and World Bank focus on a broad range of development programs including agriculture, education and gender equality, the AIIB will concentrate on infrastructure.

    The International Monetary Fund, World Bank and ADB have all welcomed the AIIB initiative and see room for collaboration.

    With authorized capital of 100 billion U.S. dollars, the AIIB will initially prioritize investment in energy, power generation, transportation, rural infrastructure, environmental protection and logistics. It is expected to offer loans to the first batch of projects in mid-2016.

    Dec. 25, 2015

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      Travel Fairs ( Jan.- April 2018 )

       *Vakantiebeurs  -Tourism and Recreation Fair
      Utrecht, Netherlands, January 10-14 ,2018

      *Ferien-Messe Wien Int’l Tourism Fair Vienna Vienna, Austria, Jan 11-14

      * CMT / CMT – Die Urlaubsmesse Holiday, Caravanning, Motoring and Tourism , Stuttgart, Germany Jan. 13-21

      *FITUR – Int’l Tourism Trade Fair , Madrid, Spain Jan. 17-21

      *GO Int’l Travel Trade Fair                                          Brno, Czech Republic, Jan. 18-21

      *OTM Outbound Travel Mart ,Mumbai, India, Jan. 18-20

      *Adventure Travel Show , London  20-21 January

      *ASEAN Tourism Forum ( ATF) , Chiang Mai , Thailnd January 22-26

      *EMITT-  East Mediterranean Int’l Tourism and Travel Exhibition ,Istanbul, Turkey, Jan. 25-28

      *SATTE Travel Mart , New Delhi , India            Jan. 31- Feb. 2

      *IMTM – Int’l Mediterranean Tourism Market   Tel Aviv, Israel  , Feb. 6-7

      *India Travel Mart ITM , Ahmedabad, India          Feb. 9-11

      *Travel and Tourism Fair ( TTF) , Chennai , India Feb. 16-18

      *PATA ATRT Conference and Mart , Abu Dhabi , UAE , Feb 21-23

      *Travel and Tourism Fair(TTF) , Bengaluru, India ,Feb. 23-25

      *World Spa and Wellness 2018 , London , UK Feb. 25-26

      *Guangzhou International Travel Fair Guangzhou , China  March 1-3

      *ITB Berlin Berlin , Germany March 7-11

      *Moscow Int. Tourism and Travel Exhibition ( MITT) ,Moscow , Russia March 13-15

      *IT& CM China 2018 , Shanghai , China          March 20 – 22

      *GBTA Conference Mexico City, March 21-23

      *UNWTO World Conference on Snow and Mt. Tourism ,Andorra , March 21-23

      *Arabian Travel Mart –ATM   Dubai , 22-25 April

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