China-led, India-supported AIIB funding hyper-inflated infra projects, promoting crony capitalism: Mumbai meet

A civil society-sponsored convention, concluded ahead of the high-profile AIIB (Asian Infrastructure and Investment Bank) board meet, to take place on June 25-26 in Mumbai, has sharply criticized the “China-led” international financial institution (IFI), insisting, it “rejects” AIIB claim that it “serves as a healthy and essential alternative to undemocratic IFIs such as the World Bank, Asian Development Bank and International Finance Corporation which are controlled by western powers.”

Held in Mumbai on June 21-23, a resolution adopted at the end of the convention said, “The design and structure of the $100 billion AIIB functions equally undemocratically. What is worse, it invests in projects without in any manner complying with necessary environmental and social safeguards. In the process, AIIB is doling out billions of dollars of loans to critical sectors such as energy, road building and urbanization causing extensive negative environmental and social impacts.” Read more

Courtesy: Counterview