China accepts three more countries into the AIIB as second annual meeting of global investment bank kicks off
On June 16, the second annual meeting for China’s Asian Infrastructure and Investment Bank (AIIB) started off with a bang as the Eastern financial center announced the acceptance of three more countries into the fold.
Since its inception in 2015, the AIIB has brought a total of 80 countries on board its alternative to the West’s World Bank, and is expected to bring in up to five more nations before the end of 2017.
The China-initiated Asian Infrastructure Investment Bank (AIIB) on Friday approved the membership of Argentina, the Republic of Madagascar and the Kingdom of Tonga at its second annual meeting of governors.
The AIIB’s board of governors adopted resolutions approving the three applicants to join the bank at the second annual meeting, which kicked off earlier in the day in South Korea’s southern resort island of Jeju.
The first meeting was held in Beijing last year.
The approved applicants included one regional prospective member of Tonga and two non-regional members of Argentina and Madagascar.
“Well-integrated infrastructure and enhanced connectivity between Asia and the rest of the world has far-reaching benefits for the global economy,” said AIIB President Jin Liqun. – EN.People.CN
The AIIB is just one of several financial structures that China has built to challenge the hegemony of the West, and their longstanding dominion over global banking and finance. ¬†And when you add in the BRICS bank, CIPS (SWIFT alternative), and their incredibly unique Belt and Road (Silk Road 2.0) project, then you realize that the road is being paved for the day when the dollar ends as the world’s only reserve currency, and when nation’s can once again have their own currencies recognized on their own merits in their use through bi-lateral trade.
There are expected to be many different missions involved in the AIIB that go far beyond simply funding infrastructure projects, and lending money to emerging economies. ¬†And perhaps the biggest program that the bank is helping to facilitate is the ability for nations to exchange their dollar reserves for other currencies and resources, and to no longer have to worry about the U.S. imposing its will on these nations, as has been done in the past when a smaller country chose to dump their dollars.
Kenneth Schortgen Jr¬†is¬†a writer for The Daily Economist, Secretsofthefed.com,¬†Roguemoney.net, and Viral Liberty, and hosts¬†the popular youtube podcast on Mondays, Wednesdays and Fridays.¬†Ken can also¬†be heard Wednesday afternoons giving an weekly economic report on the¬†Angel Clark radio show.