Peoples’ Convention on Infrastructure Financing: A Peoples’ response to AIIB’s Third Annual Governors Meeting
The Third Annual Governors Meeting of Asian Infrastructure Investment Bank [AIIB] will be held in Mumbai, India from 24-25 June 2018. This two-year-old multilateral bank is investing in all major sectors, including energy, without robust policies on environmental-social safeguards, transparent public disclosure and an accountability/complaint handling mechanism. Out of the total 24 projects, it has financed, USD 4.4 billion has already been approved. India is the biggest recipient from AIIB with more than 1.2 billion USD supporting about six projects including Transmission lines, Capital City Development at Amravati, rural roads etc with another 1 billion USD in proposed projects.
These data are but a few from among the many that come out periodically which, we are aware, will straightaway affect our democratic systems, land, water, forests, food, livelihoods, structures and the very air we breathe on a daily basis. All these raise our concerns to an alarming level that we are forced to reflect and act on the rapid ‘reforms’ which happen in the guise of development. Unlike World Bank and ADB who claim their development agenda in the name of reduction in poverty and inequality, AIIB never conceals their huge interests in infrastructure financing.
Resources on the Peoples’ Convention:
At the Peoples’ Convention on Infrastructure Finance: A Response to AIIB Annual Meeting, there will be multiple workshops organised by WGonIFIs in Mumbai during June 21-23, 2018. You can register for the workshops.