Tue, 29 April
20.1 C
Yerevan
USD: 389.45 RUB: 4.78 EUR: 443.12 GEL: 141.62 GBP: 521.16
spot_img

China plans to establish global financial institution

YEREVAN, June 25. / ARKA /. China is expanding plans to establish a global financial institution to rival the World Bank and the Asian Development Bank (ADB), which Beijing fears are too influenced by the US and its allies, Prime reported citing The Financial Times.

So far, 22 countries across the region, including several wealthy states in the Middle East, which China refers to as “West Asia”, have shown interest in the multilateral lender, which would be known as the Asian Infrastructure Investment Bank (AIIB). It would initially focus on building a new version of the “silk road”, the ancient trade route that once connected Europe to China.

Most of the funding for the lender would come from China and be spent on infrastructure projects across the region, including a direct rail link from Beijing to Baghdad.

The AIIB would provide a direct challenge to the Manila-based ADB, which China feels is too influenced by its rival Japan.

Beijing hopes to have the bank up and running by the end of the year and has appointed Jin Liqun, former chairman of the board of supervisors for China’s sovereign wealth fund and a former ADB vice-president, to establish the AIIB.

The ADB estimates that Asia will need $800bn a year of infrastructure investment between now and 2020. -0-

spot_img

POPULAR

Armenia may access $25 mln from the IMF under the SBA agreement in June

An International Monetary Fund (IMF) team led by Iva Petrova visited Yerevan from March 31 to April 10, 2025, to conduct discussions for the fifth review under the Stand-By Arrangement (SBA) with Armenia.

Euro exchange rate down 1 point, while US dollar and ruble up

The average market exchange rate of the U.S. dollar to the Armenian dram on April 25, 2025, rose by 0.77 points compared to April 23 and amounted to AMD 390.33.

In Armenia, remittances have begun to recover after a 35% decline in 2024

On the demand side, average real wages in Armenia have increased in 2025, and net money transfers have shown an upward trend, contributing to consumption growth, according to the World Bank's Armenia Monthly Economic Update – April 2025.

Instruments for supporting SMEs in Armenia were discussed with bankers at the Ministry of Economy

Financial instruments for supporting small and medium-sized businesses (SMEs) were discussed by Deputy Minister of Economy of Armenia Lilia Sirakanyan and bank representatives.

Armenia ratifies EUR 10.1 million investment agreement with EIB on Yerevan’s Second Energy Efficiency Program

The Armenian Parliamentary Committee on Financial, Credit and Budgetary Affairs gave a positive conclusion at its meeting on Friday on the ratification of the agreement on the investment grant for the "Second Yerevan Energy Efficiency Program" in the amount of EUR 10.1 million.

LATEST NEWS

spot_imgspot_imgspot_img