AIIB: The need for thought to replace hasty resolve
By Tarun Nair* The Asian Infrastructure Investment Bank (AIIB) has been in the news off late, mostly for the right reasons. Heralded as the answer to the World Bank’s deficiencies which include its exclusive representation of European interests, it is touted to be a mechanism which will singularly fulfil Asia’s development needs through timely funding. Considering that a recent report pegs Asia’s infrastructural development to require around 8 trillion dollars’ worth of investment, the AIIB may indeed occupy a place of great importance, with its 100 billion dollar capital allocation. (china.org.cn) However, though the initiative must be welcomed, no extreme positions can be taken as of now, for it has certain aspects which must be carefully evaluated first. Until the shares, voting and veto rights are announced, it is early to comment on the role played by the organisation. Other concerns abound about whether the bank will be dominated by Chinese interests as an...