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Swelling AIIB membership set to add to Beijing’s international influence

About 25 African, European and South American countries are set to join the China-led Asian Infrastructure Investment Bank (AIIB) its President Jin Liqun said on Monday, in another indication that President Donald Trump’s decision to pull the US out of the Trans-Pacific Partnership (TPP) could help reinforce China’s dominance in the field of international trade and development. Ireland, Canada, Ethiopia and (more…)

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World Bank urges Russia to diversify

World BankRussia needs to improve its investment climate, diversify its oil-dependent economy and boost productivity growth if it wants to catch up with the global economy, the World Bank urged Moscow this week, at the same time as forecasting that (more…)

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ADB forecasts India to lead economic growth as China and SE Asia slip

Indian shoppersADB forecasts: Brisk consumer spending and the growth of its rural economy will help the Indian economy outperform its Asia Pacific neighbours this year, the ADB predicted today. The bank expects South Asia to be the fastest growing sub-region, with India likely to meet its 2016 projected growth targets (more…)

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AIIB membership set to rise by over 50%, President predicts

AIIB President elect Jin LiqunAIIB membership: The number of AIIB member states is likely to rise from 57 to almost 90 by the end of the year, AIIB President Jin Liqun told a side meeting at the World Economic Forum’s annual New Champions meeting in Tianjing this week. “We have almost 30 countries (more…)

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Auchan opens first Tajik hypermarket in ‘revolution’ for food security

AuchanFrance’s international retail group Auchan yesterday opened the very first Tajik hypermarket – and the company’s first in Central Asia – in Dushanbe with an inauguration ceremony attended by the country’s President Emomali Rakhmon. The 5,000 m² outlet has been developed with (more…)

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EBRD signs MoU with Silk Road Fund in boost to One Belt One Road initiative

EBRD VP Phil Bennet and Silk Road Fund Wang Yanzhi 150616The European Bank for Reconstruction and Development (EBRD) yesterday signed an MoU with Beijing’s Silk Road Fund in a move that is expected to give added impetus to China’s One Belt One Road initiative, the EBRD press office said.
Under the terms of the MoU, (more…)

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AIIB membership set to hit 100 by year end, predicts president

AIIB President Jin Liquin at Asia News Network June 2016AIIB membership: The 57-strong Asian Infrastructure Investment Bank (AIIB) will have almost 100 member countries and regions by the end of the year, its president Jin Liqun told editors at the Asia News Network’s annual board meeting in Beijing this week. “Up to 30 countries (more…)

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Iran’s GDP set to rise 4-5% – IMF

IMF's First Deputy Managing Director David LiptonIran’s GDP could enjoy a growth rate of between 4 and 4.5% following an increase in the country’s oil revenues, the IMF’s First Deputy Managing Director David Lipton predicted this week. “Higher oil exports, along with lower costs of trade and financial transactions, as (more…)

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Tajikistan looks to EBD to fund Nurek Hydro Power plant

Nurek hydropower plant TajijkistanTajikistan is negotiating with Eurasian Development Bank (EDB) and several other financial institutions to raise the funds it requires to upgrade its Nurek hydro power plant, it was reported this week and needs $600m to complete the project.
“The Nurek HPP (more…)

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Development banks use Turkey’s BOTAS to pump $2bn into TANAP

BOTAS 2BOTAS: The World Bank and the European Investment Bank (EIB) are planning to put $1bn apiece into the Trans-Anatolian Natural Gas Pipeline TANAP pipeline, according to Turkey’s Hurriyet newspaper in a move (more…)
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ADB lending hits record high

Eric Sales/ADBADB lending surged to a record $27.17bn last year as efforts continue dto counter the effects of the economic slowdown and to tackle both inequality and risks to the environmental, according to the development bank’s annual report that was published today. The report records (more…)

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World Bank and AIIB sign first co-financing agreement

World Bank and AIIB Presidents Jim Yong Kim and Jin LiqunJim Yong Kim and Jin Liqun, respectively presidents of the World Bank and AIIB, have signed their first co-financing agreement in a move that paves the way for the two organisations to jointly develop projects by the end of the year, the World Bank announced by press release yesterday.
Initiatives under discussion include (more…)

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Chinese economy set to slow 6.7%, World Bank predicts

Chinese factory workersThe World Bank expects the Chinese economy to slow to 6.7% in 2016, the bank said in a report on Monday. The projection is on par with its last estimate published in January, and the bank has kept its projection for 2017 at 6.5%. “China’s orderly transition (more…)

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World Bank predicts Central Asian stagnation and urges cooperation

The Caucasus and Central AsiaCentral Asian stagnation: The economies of Europe and Central Asia continue to face difficult headwinds in an increasingly complex and uncertain global economic environment, with short-term prospects differing substantially across countries, according to a new report from the World Bank that was published yesterday.
Following a contraction (more…)

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Hong Kong getting ready for AIIB membership by end of year

Hong Kong's Secretary for Financial Services and the Treasury Chan Ka-keungHong Kong will take a bigger role in the internationalisation of the yuan and multi-billion fund raising when the city becomes a member of the Beijing-led AIIB this year, its Secretary for Financial Services and the Treasury Chan Ka-keung told the South China Morning Post this week. He also revealed (more…)

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Kremlin officials get down to work on $20bn VEB bailout package

VneshekonombankVEB bailout: Having announced earlier this week that it was to allocate $2bn to the troubled Vneshekonombank (VEB) to stave off immediate bankruptcy, Russian officials are now discussing sweeping measures to save the development bank after its bailout needs rose to around the $20bn mark. The bank, which in recent years has borrowed heavily to fund Russia’s Sochi Winter Olympics and other politically driven projects, ran into difficulty after Western sanctions cut its access to international lending in 2014, leaving it struggling to repay its debts.
The plan, (more…)

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‘India’s star shines bright’, Lagarde tells Advancing Asia summit

Lagarde at Advancing Asia summit 11-03-16With a young workforce and its continuing commitment to policy reform, India has not only emerged as the world’s fastest-growing economy, but its star also shines bright amid the current global gloom, IMF Managing Director Christine Lagarde said yesterday.
“It’s fitting we meet in India,” she said told delegates on (more…)

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Almaty looking to borrow $8bn to fund Kazakh road construction programme

kazakh highwayKazakh road construction: Kazakhstan is looking to raise $8bn in loans to fund its 4,700km road construction programme, the Deputy Chairman of its Roads Committee Amangeldy Bekov said today. “International financial institutions will underwrite about 70% of tall he projects,” he told a press conference. “An initial agreement [has already been] reached with the the International Development Bank, the EBRD, the ASDB and the Islamic Development Banks to finance the Center-West and Center-South projects.”

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AIIB appoints five vice presidents

Danny AlexanderHong Ky TtackD.J. PandianJoachim von Amsberg

Luky Eko Wuryanto





The AIIB has appointed five vice presidents, its President Jin Liqun announced last week. The five new executives are: (more…)

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IMF ready to offer Azerbaijan rescue package ‘without preconditions’

IMF MD Christine Lagarde

IMF MD Christine Lagarde

Armstrong Economics

Azerbaijan rescue package: The IMF is ready to help Azerbaijan”without any preconditions,” its Managing Director Christine Lagarde said today. Although the country’s economy was being adversely affected by the collapse of oil prices, the government (more…)
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