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October 19, 2017

US is closely watching the Chinese propelled Asian Infrastructure Investment Bank


Newsroom24x7 Desk

aiibWashington DC: When the Asian Infrastructure Investment Bank spearheaded by China has become a reality, the US has taken the stand that it shall form a definite view on this newly emerging global financial institution only after being sure that it is meeting the commitments vis-a-vis governance as well as social and environmental safeguards.

Much to the embarrassment of the US and more particularly the Obama administration is obviously jittery about the Asian Infrastructure Investment Bank, a Chinese brainchild which will be modeled on the same pattern as the World bank and would be steered by China, as India and Singapore have already signed and become its founder members, more than three dozen countries- many of them having strong relations with the US – had also submitted their applications before the end of deadline Tuesday to become AIIB partners.

At a press briefing here, when the US Department of State Acting Spokesperson Marie Harf was asked if the U.S. has any plans to be a part of this bank, or if there’s any current consultations going on between the U.S. and China about the AIIB, her reply was tagged with a caution. She said: “our views on the AIIB going forward are going to be informed by its commitments on the standards for governance and environmental and social safeguards that it will adopt and implement. So right now, we’re focusing on meeting our commitments to the existing multilateral development bank. But I think, like the rest of the world probably, the U.S. has a stake in seeing the AIIB complement and work effectively alongside the existing multilateral financial institutions.”

Ms. Harf further said: “This is something, obviously, we’ll be watching. We welcome new multilateral institutions that strengthen the international financial architecture when they have high standards – the high standards, I think, that the whole world has really built together. So we’ll be watching here and we’ll see. I don’t have anything else to predict.”

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