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