Weaker growth in China this year is expected to cause a slowdown in the rest of Asia, the Asian Development Bank said Tuesday as it became the latest major body to revise down its forecasts for the world`s number two economy.
More than 20 countries are waiting to join the China-initiated Asian Infrastructure Investment Bank (AIIB), its designated president said Saturday as he allayed concerns it was aimed to challenge US and Japanese influence in the region.
Asian Development Bank president Takehiko Nakao on Tuesday said the bank is looking to increase exposure in India, especially in infrastructure, skill development and urban services, and proposes to increase lending to the country by almost half to $12 billion by 2018.
Japan unveiled a plan on Thursday to provide $110 billion in aid for Asian infrastructure projects, as China prepares to launch a new institutional lender that is seen as encroaching on the regional financial clout of Tokyo and its ally Washington.
Japanese and Chinese finance officials will hold talks on June 6 in Beijing to discuss ways to promote cooperation between the two countries and may exchange views on the China-led Asian Infrastructure Investment Bank (AIIB), Japanese officials said.
The Asian Development Bank (ADB) said on Saturday that it was ready to work with the China-led Asian Infrastructure Investment Bank (AIIB) so long as standards were met, while also announcing changes to boost its own lending capacity by billions of dollars.
Governments, aid agencies and celebrities on Monday intensified a push for funding to help survivors of a deadly earthquake in Nepal as the risks posed by a lack of food, water and shelter escalated hourly.
Uttarakhand government has sent a proposal to the Asian Development Bank requesting it to fund a project introducing radio frequency identification technology to track pilgrims in case of a crisis on char dham yatra route.
In a surprise move, China today said it welcomed Taiwan's application to join the Asia Infrastructure Investment Bank under an "appropriate name," a day after the cash-rich island, which China views as a rebel province, applied to join the Beijing-backed institution.