World Bank President Jim Yong Kim is stepping down in February after six years at the helm of the global development lender (Photo: AFP/Nicolas ASFOURI) Jim Yong Kim, president of the World Bank, has announced that he will retire. This is far earlier than expected. Kim was first appointed in 2011 and was re-elected in 2016 for a five-year term, due to end in 2022. It was widely assumed that Kim would serve out his full term. Instead, he has abruptly declared that he will retire on Feb 1 and take up a job with a private investment infrastructure firm. What’s going on? The president of the World Bank is, in effect, the Pope of the official international development community. He is the ambassador-at-large of “The Bank”. As such, he (the president has always been a “he”) constantly travels the world, giving keynote speeches at major conferences, meeting heads of governments, and holding hundreds of meetings with ministers and officials to discuss … [Read more...] about Did World Bank President Jim Yong Kim leave on his own accord?
Asian investment infrastructure bank
Hanoi (VNA) – Vietnam has proactively participated in trade and investment cooperation activities in the Greater Mekong Subregion (GMS), which comprises Cambodia, China’s Yunnan and Guangxi provinces, Laos, Myanmar, Thailand and Vietnam, over the past 25 years. Vietnamese Prime Minister Nguyen Xuan Phuc (C) and heads of delegation of the GMS countries (Photo: VNA) The successful hosting of the 6th GMS Summit (GMS-6) and the 10th Cambodia-Laos-Vietnam (CLV) Summit on Development Triangle Area (CLV-10) in Hanoi from March 29-31, 2018 demonstrated Vietnam’s contributions to regional economic cooperation mechanisms. Key achievements A unique characteristic of GMS cooperation is that member countries share land borders, which is convenient for land transport connectivity and economic corridor development. Vietnam holds key nodes in three GMS economic corridors: the Southern Coastal Corridor (GMS-SCC) which links Thailand to southern Vietnam via Cambodia; … [Read more...] about Vietnam plays active role in GMS trade, investment cooperation
The second annual meeting of the AIIB's board of governors in 2017 (Source: Yonhap/VNA) Hanoi (VNA) – The Asian Infrastructure Investment Bank (AIIB), a multilateral development bank, has helped many Asian countries have better infrastructure, deeper regional integration, and accelerated poverty reduction, said an official from the bank. According to Supee Teravaninthorn, Director General of AIIB's Investment Operations Department, the bank has mainly focused on promoting sustainable infrastructure, regional connectivity and private capital mobilisation over the last two years. In the first year of operation in 2016, AIIB approved an investment of 1.7 billion USD for nine infrastructure projects in seven countries, including Pakistan, Bangladesh, Tajikistan, Indonesia, Myanmar, Azerbaijan and Oman, she said. In 2017, another 2.5-billion-USD investment was approved by the bank for Egypt, Georgia, India, the Philippines, and China, she added. She noted that for … [Read more...] about AIIB helps develop sustainable infrastructure in Asia
In two speeches to the ministers and governors, Mr. Nakao discussed ADB’s economic outlook for ASEAN, the role ADB can play in helping the region invest in infrastructure, and how countries can harness the use of financial technology (fintech) to promote financial inclusion.During his visit, Mr. Nakao met with Deputy Prime Minister of Singapore Tharman Shanmugaratnam and Finance Minister of Singapore Heng Swee Keat. He also met with Finance Minister of Thailand Apisak Tantivorawong.ADB President Takehiko Nakao at the 21st Association of Southeast Asian Nations (ASEAN) Finance Ministers’ and Central Bank Governors’ Meetings in Singapore. (Source: ADB)In his address to ASEAN finance ministers, Mr. Nakao presented ADB’s economic forecast for the region, which shows that ASEAN growth will reach 5.2% in 2018.“We see continued robust economic growth across ASEAN countries, supported by domestic demand as well as a synchronized recovery in global trade,” … [Read more...] about ADB President Affirms Support for Infrastructure Investment, Financial…
he Thai government and Japan’s Mizuho Bank have teamed up to attract Japanese investment in the development of the Southeast Asian country's Eastern Economic Corridor (EEC) (Photo: http://nwnt.prd.go.th) Hanoi (VNA) – The Thai government and Japan’s Mizuho Bank have teamed up to attract Japanese investment in the development of the Southeast Asian country's Eastern Economic Corridor (EEC), marking the first partnership involving a Japanese financial institution in the project. Mizuho, one of Japan's three largest commercial banks, recently signed a memorandum of understanding on business cooperation with the EEC Office to promote the area’s development, which is anticipated to lead growth in industrial activity in the second largest economy of Southeast Asia. Approved by the Thai parliarment in February, the EEC development project will span over 13,000 square kilometres in the three provinces of Chachoengsao, Chonburi and Rayong, aiming to achieve a total … [Read more...] about Japanese bank joins Thailand’s EEC project