The Asian Infrastructure Invest­ment Bank (AIIB) is a new international financial institution which became operational on 16th January 2016. The AIIB describes itself as “a multilateral development bank conceived for the 21st century”, and states that its core purpose is to fund infrastructure development projects in the Asia-Pacific region. The AIIB is seen by many as a Chinese-led initiative, partly aimed at challenging the disproportionate influence and control which Western countries have over the Bretton Woods institutions (the World Bank and the International Monetary Fund) which are the major international financial institutions at the global level. Thus it can be seen as a challenge to current global economic and political power dynamics and status quo and part of a global shift of power from the West to the East. However the AIIB is also seen as a means to pursue mercantile interest as well, enabling China to put some of its stockpile of foreign reserves into funding infrastructure development across Asia, to facilitate greater access to markets for its products, and to promote its ‘One Belt, One Road’ and New Silk Route initiative, linking Asia and Europe by sea, rail and road. How far the AIIB actually advances the implied challenge to existing financial institutions remains to be seen, however, as it begins operating and lending: in recent months the language coming from the bank has continually stressed partner­ship and cooperation, representing the AIIB as complementary to, rather than in competition with, Bretton Woods institu­tions.

भारत में जलविद्युत विकास को बड़े पैमाने पर बढ़ावा

इस सेक्टर में निजी क्षत्रे को आकर्षित करने के लिए सरकार ने 2016 में इस पर चर्चा शुरू की कि नवीकरणीय ऊर्जा के क्षत्रे को और विस्तृत किया जाए ताकि 25 मेगावाट क्षमता से...

On May 21, 2018, the U.S. Supreme Court announced that it would hear the landmark lawsuit, filed by the villagers of Mundra, challenging the absolute immunity of powerful institutions like the International Finance Corporation (IFC). The villagers are affected by the coal-fired Tata Mundra Ultra Mega Project, which was partially funded by the IFC.

This will be the first time the US Supreme Court will address the scope of international organisations’ immunity.

Visit here to know more about the case or to access the documents.