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Indian groups submit recommendations for AIIB’s review of their Environmental and Social Framework
The Asian Infrastructure Investment Bank (AIIB), after four years of its operations, is undertaking a review of its environmental and social framework. 30 Indian Civil Society Organizations submitted their recommendations and concerns regarding the process of review and it’s content and scope.
As one of the biggest recipients of AIIB’s funding, this process has significant meaning for India especially, given the context and trajectory of development followed. India, in recent times, has focused on developing massive infrastructure, which require enormous investments. This resulted in India opening itself to mega projects financed by international, national and private financial institutions. In these circumstances, it is essential for Multilateral Development Banks like AIIB to develop robust, comprehensive and strong environmental and social policies which are implemented and monitored well. To merely rely on the country systems is not enough; rather the ESF should go beyond the country system to strengthen them further. At a time when other MDBs are also undergoing review of their policies, AIIB should take a progressive leap as the first MDB from the global south to show its commitment towards building infrastructure through robust policies and with entire commitment towards protecting people and the environment.
In the four years of operation, AIIB’s membership has grown to 102 approved members worldwide and has funded 64 projects across Asia to the tune of USD12.24 billion. India alone has received investments close to USD 3 billion for the 14 approved projects. These projects include investments in energy, transport and water sectors. Of the 14 approved projects 4 are financial intermediary projects and 4 are co-financed projects. Of the current approved portfolio for India, 33.33% projects are co-financed and the other 33% are financial intermediary projects while only 33% constitutes stand alone projects. Co-financed and FI projects with current policies only bring limited liability and accountability for AIIB. The AIIB’s current ESF is not adequate to prevent risk and harm arising from this form of lending. The policy is inadequate and needs to be relooked. In its brief lending history, AIIB has funded several projects of mega scale which are been marred by massive environmental and social concerns like the Mumbai Urban Transport Project – Phase III (MUTP), Bangalore Metro Rail Project – Line R6 both projects of massive scale. The now scrapped Amravati Sustainable Capital City Project, which was being considered by AIIB for financial support as a co-financer along with World Bank as the lead financier, also speaks volume for the need to have multiple checks and balances.
Currently, 5 projects worth USD1.7 billion are proposed for financing in India. These include energy, water and transport sector Projects. Chennai Metro Rail Phase 2 Project – Corridor 4 is one of them, which is a co-financed project. The other to proposed project to watch out for is Karnataka Rural Water Supply Project (KRWSP) worth UDS 400 million which will basically promote Public-Private Partnership (PPP) models in water supply and sanitation.
Read the full statement
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 अधिक के जलविद्युत स्टेशन भी उसमें शामिल किए जा सके। इससे सरकार को 2022 तक 175 मेगावाट नवीकरणीय ऊर्जा उत्पादित करने के लक्ष्य को हासिल करने में मदद मिलेगी।
Gaurav Dwivedi explains how the Smart Cities would be funded and implemented, and how the project would impact the functioning of the Urban Local Bodies.
Siddharth Chakravarty of The Research Collective explains the Blue Economy, its impact on the coastal economy, and the Role of IFIs.
It is noteworthy that currently, coal-based power projects are under threat due to lack of coal linkages and power purchase agreements, thus stalling many existing power projects and discouraging many companies from expanding to new coal power projects. This would give a boost to hydropower projects in many regions, especially in the Himalayan regions.
At the Kharghar meeting on IFIs in India, Civil Society researchers discussed Understanding IFIS – Investments, intelligence and trends in critical sectors.
Overlap of Issues on Key Sectors in relations with International Financial Institutions. IN Transport, the emphasis seems to be on high-cost travel and with pricing systems that push the poor into more inconvenient modes.
Ulka Mahajan on the Context of the Role of IFIs in the Development Agenda
एशियन इंफ्रास्ट्रक्चर इन्वेस्टमेंट बैंक (AIIB), अब दुनिया की सबसे मजबूत और शक्तिशाली वित्तीय संस्था बन गई है । हाल में ही इसी वर्ष AIIB ने भारत में इंफ्रास्ट्रक्चर योजनाओं के लिए 1.5 बिलियन डॉलर निवेश करने के लिए प्रतिबद्ध हुई है । इसका निश्चित तौर भारत की विकास योजनाओं के शेप और उसकी प्रकृति में एक गहरा प्रभाव होगा ।
Soumya Dutta, Beyond Copenhagen Collective and PAIRVI, linking IFIs, their push for Infrastructure, and impact on commons.