Viet Nam Human Rights
AIIB – “New players” on “financial playground
25/1/16
Despite the continent with the most dynamic development,
infrastructure platform of Asia is not developed at a high level. Therefore, a
bank focused on providing capital to build roads, bridges, ports and
telecommunications systems in Asia in order to build a foundation for economic
development is a good initiative. Especially when Asia needs large amounts of
capital to 800 billion USD in the period 2010 to 2020 (as in 2012 report by ADB), the birth of AIIB contributes to
solve the thirst of capital for this continent at present.
The financial mechanism has existed since after the
Second World War as the World Bank and the IMF or ADB sometimes including many
shortcomings in the implementation of economic policies, and often require
countries to change the policy or management of appropriate mechanisms to
obtain financial aid. AIIB goes backwards while China has pledged not to
interfere in the internal affairs of countries receiving financial assistance
sources. This approach has great appeal to the less developed countries, where most
countries are not always ready and able to meet the requirements for the level
of management, environmental standards and labor by the way of the developed
countries. If it is effective, AIIB can be typical for the mechanism to support
South-South development among developing countries in the future.
AIIB will officially come into operation after the
opening ceremony with the conduct of the General Assembly to establish the
Board of Directors, electing the Chairman and other management positions by
sector, considering important policy documents such as business, finance and
human resources. As usual, AIIB also be managed in three levels including the
Board of Directors, the Board and management and administrator, in which all
the powers of the bank belongs to the board of directors, each Member State
needs a representative. This Committee conducts the annual meeting. Board of
Directors consists of 12 members, meets periodically. Finally, the
administrators are responsible for operating and everyday banking.
As to the date of December 25, 2015, 17 founding
members have ratified the AIIB Agreement, accounting for 50.1% of the capital
contribution, satisfying the conditions of effect for agreement. Vietnam joints
AIIB as founding shareholders, this will help Vietnam to be added an important
source for attracting investment into the infrastructure of the country.
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