Asia is finally starting to realize its power.
China along with 20 other countries moved forward this Friday with the initiative of establishing an Asian Infrastructure Investment Bank (AIIB).
AIIB’s motto is to help foster the fast paced demand for transportation, dams, ports and other facilities of the entire region.
The bank will initiate with $50 billion capital, which seemingly will be accessible to nurture the growth of each participating nation, including Pakistan.
After the signing ceremony, Chinese president Xi Jinping stated,
“In China we have a folk saying,” he further added, “If you would like to get rich, build roads first, and I believe that is a very vivid description of the importance of infrastructure to economic development.”
The participating countries in the AIIB initiative include Singapore, India, China, Vietnam, the Philippines, Mongolia, Laos, Cambodia, Oman, Uzbekistan, Thailand, Sri Lanka, Qatar, Pakistan, Nepal, Bangladesh, Brunei, Kazakhstan, Kuwait, Malaysia and Myanmar.
Although, this step is towards an iconic development of Asian region, yet still only two of the Asia’s 10 largest economies i.e. Singapore and India, were present to sign the contract with the remaining three in the top tier i.e. Japan, South Korea and Indonesia, absent.
AIIB intends on having its headquarters in Beijing.
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