RI­VALLING THE WORLD BANK

Qatar is part of the 21-mem­ber, $100-bil­lion Asian In­fra­struc­ture In­vest­ment Bank, to be head­quar­tered in Beijing.

Qatar Today - - AFFAIRS > LOCAL -

This mas­sive en­tity, backed by China and In­dia (who will be the largest share­hold­ers), seeks to chal­lenge the World Bank and Asian De­vel­op­ment Bank in fund­ing much-needed in­fra­struc­ture projects in Asia. Other stake­hold­ers in­clude Kuwait, Qatar, Mon­go­lia, Kaza­khstan, Pak­istan, Nepal, Oman, and all the coun­tries of the As­so­ci­a­tion of South­east Asia. Aus­tralia, In­done­sia and South Korea are con­spic­u­ous by their ab­sence. Ear­lier this year a lo­cal English daily quoted Chi­nese Am­bas­sador to Qatar, Gao Youzhen, as he praised Qatar's con­tri­bu­tion to the con­struc­tion of the AIIB, not­ing that “Qatar has pre­ceded many coun­tries in con­tribut­ing to this bank”.

Qatar's ex­per­tise and ex­pe­ri­ence, be­cause of its re­cent and on­go­ing large-scale in­fra­struc­ture over­haul, will likely be in­valu­able to­wards the bank's fu­ture op­er­a­tions.

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