Chinese Development Bank Approves First Loans

Chinese Development Bank Approves First Loans

The outcome of Britain’s referendum that was held last week is expected to have an impact on the world economy in the coming days. Nonetheless, Asian Infrastructure Investment Bank, a Chinese based development bank, started to offer loans to clients on June 24th. The management team stated that the United Kingdom will continue to play a significant role in the growth and development of the bank.

The bank opened its doors in January, 2016 and since then it has garnered 57 governments who have registered as members. In a press briefing, Jin Liqun, one of the management employees, pointed out that the bank has already received expressions of interests from other states and countries. In a bid to ensure that the bank adheres to the stipulated regulations, Jin said that 24 observers from different nations attended the meeting.

The growth of this bank is a clear indication of the growing economy and financial capability of China. It also shows the country’s desire to venture into the global finance market that is hugely dominated by Europe and the United States. It is interesting to note that the U.S opposed the bank initiatives, but that did not stop it from elevating its operations to the next level of success.

Unexpectedly, the bank received immense support from the United States allies, such as France, Australia, Britain, and South Korea. However, Japan and Washington have yet to express their desire to do business with the bank.

The bank approved loans totaling to $509 million. The loans will help materialize projects, such as the construction of roads in Tajikistan and Pakistan, upgrading of slums in Indonesia, and construction of a power plant in Bangladesh. It also estimates that Asian economies need to invest approximately $8 trillion in ports, roads, railways, and other infrastructures in the next decade.

 

atest Posts

Monsanto Restricts GMO Cotton Seed to India

Monsanto Restricts GMO Cotton Seed to India

Monsanto Co. recently withdrew an application that was seeking regulatory approval for cotton seeds to be sold in India. This took place in the middle of a debate with the government on the subject of royalty fees. According to the spokesperson of Monsanto Co., Christi Dixon, the application was…

More

Brexit vote: Finance ministers meet to discuss impact

Brexit vote: Finance ministers meet to discuss impact

An urgent meeting with Chancellor George Osborne has been called by UK finance ministers from the three devolved governments. This came after Finance Secretaries Derek Mackay from Scotland, Mairtin O Muilleoir from Northern Ireland, and Mark Drakeford from Wales met in Cardiff. The finance ministers…

More

ther posts

Wells Fargo fined for $70 million for mortgage malpractice

Wells Fargo fined for $70 million for mortgage malpractice

The U.S. Comptroller of the Currency fined Wells Fargo on Wednesday due to some malpractice in mortgage services. Between March 2013 and October 2014, according to the regulator, Wells Fargo made some escrow calculation errors. These errors, in some cases, led to incorrect denial modifications. The…

More

What you need to do before you quit your job

What you need to do before you quit your job

Quitting your job is a dream for many, especially if you’ve been unhappy there! In other cases, it may be as simple as moving on to greener pastures: a higher salary, a better position, or a company that is more compatible with your career and personality. Regardless of the scenario, ending…

More

ecents

Strong US Dollar cheers up the economy

Strong US Dollar cheers up the economy

United States labor market is literally booming and the drive of the growth is strong dollar. The Federal Reserve’s monetary policies are working right. The United States currency also cheered the stock markets. If the market continues to boom till September, the increase in the borrowing rate…

More

A Brief Theory on Experimental Finance

A Brief Theory on Experimental Finance

Experimental finance is an interesting branch in the study of finance. The main aim of this tactics is to understand not only the behavior of the market but also that of human behavior in settings that are simulated with relevance towards finance. This part of study is majorly researched based. The…

More

dvertisement

dvertisement