Asian coalition launches rival to World Bank
Oct 24, 2014
Twenty-one nations, including a lot of Islamic nations, joined China to launch a bank to rival the World Bank.
China's $50 billion Asian Infrastructure Investment Bank (AIIB) is seen as a challenge to the World Bank and Asian Development Bank, both of which count Washington and its allies as their biggest financial backers….
The AIIB, launched in Beijing at a ceremony attended by Chinese finance minister Lou Jiwei and delegates from 21 countries including India, Thailand and Malaysia, aims to give project loans to developing nations. China is set to be its largest shareholder with a stake of up to 50 percent….
Media reports said U.S. Secretary of State John Kerry put pressure on Australia to stay out of the AIIB.
However, State Department spokeswoman Jen Psaki said: "Secretary Kerry has made clear directly to the Chinese as well as to other partners that we welcome the idea of an infrastructure bank for Asia but we strongly urge that it meet international standards of governance and transparency.
"We have concerns about the ambiguous nature of the AIIB proposal as it currently stands, that we have also expressed publicly."
The USA pressured some nations to stay away, because the World Bank is dominated by the USA’s oligarchs. Yahoo News is purposely ambiguous in its statement that Kerry’s concern is “that it meet international standards of governance and transparency.” No one really knows what that means, except for the politicians.
RT News defines it a bit further, saying,
US officials have said they do not want to support an initiative Washington thinks is unlikely to promote good environmental, procurement and human rights standards in the way the World Bank and ADB are required to do.
In other words, the US government is concerned that nations will obtain loans from the new Asian Bank without having to submit to western “human rights standards,” such as gay rights. The West has long used the World Bank as a tool to force other nations to submit to its own standards of “human rights.” The new Asian Bank intends to loan money for development purposes alone, in order to build infrastructure (roads, schools, bridges, agriculture) and to raise people’s standard of living—without forcing them to follow Western “human rights standards.”
The bottom line is that the World Bank has been used by the financial oligarchs to blackmail other countries into conforming to their standards of “morality.” They don’t like this new Chinese initiative.