The Straits Times
12 May 2015
- RSIS
- Media Mentions
- A ‘Beijing Woods’ Alternative
A ‘Beijing Woods’ Alternative
The Asian Infrastructure Investment Bank is a welcome development, creating an Asian-focused alternative to Bretton Woods institutions to meet pressing needs in infrastructure financing.
WITH more than 50 countries signing up for founding membership to the China-led Asian Infrastructure Investment Bank (AIIB), a new world economic order may well be in the making – one that showcases Asia’s fast-growing role, and China’s bid to increase its heft in the international monetary system.
Singapore too may be able to play a key role.
… The institution also has to decide how lending decisions are made. Assistant Professor Kaewkamol Pitakdumrongkit of the Centre for Multilateralism Studies at the S. Rajaratnam School of International Studies, asks: “If lending decisions are governed by voting, how are the votes allocated among the member parties? How many votes are needed to approve lending? Who, if anyone, has veto power? These are some issues that they need to work out, which could delay an agreement.”
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