Sun, 6 April
15.1 C
Yerevan
USD: 391.22 RUB: 4.63 EUR: 431.28 GEL: 142.08 GBP: 508.39
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

Insurance market of Armenia is in embryonic state

Insurance market of Armenia is in embryonic state

Arka news agency’s ranking of most profitable Armenian banks in 2019

In 2019, Armenia-based commercial banks earned a total of 78.8 billion drams in net profit, up from 56.4 billion drams they had earned in 2018, according to ARKA news agency's ranking of the most profitable commercial banks in the fourth quarter of 2019

Top ten Armenian banks by size of lending in 2019

In 2019, the overall loan portfolio of Armenia's banking sector grew by 16.4% to 3.572.2 trillion drams

Ranking of Armenia’s most profitable banks in 2024

ARKA news agency has released a ranking of the most profitable commercial banks in Armenia in 2024.

LATEST NEWS

spot_imgspot_imgspot_img