AIIB Offers New Facility to Reduce Cost of Infrastructure Loans
The Asian Infrastructure Investment Bank’s (AIIB) Board of Directors has approved the creation of a Special Fund Window (SFW) to make its financing more affordable to its less developed members. This is an additional effort by AIIB to further support its less developed members especially by reducing the cost of lending for Infrastructure for Tomorrow (i4t).
The SFW is a blended financing facility that will provide interest rate buy down to eligible sovereign-backed financing projects that are aligned with AIIB’s Corporate Strategy and identified according to AIIB’s regular rigorous investment process.
“Infrastructure investments and connectivity are crucial for lower-income countries to regain a growth momentum and to achieve long-term sustainable development goals in the post-COVID-19 era, while also dealing with climate change,” said AIIB President and Chair of the Board Jin Liqun. “Through the SFW, AIIB can support its less developed members with affordable pricing while still being consistent with the core elements of our business model to finance i4t. Although modest in scale, we are glad to be able to complement other multilateral development banks by bringing much needed additional financing to lower-income members.”
“Our Corporate Strategy commits to broadening the range of clients AIIB can support, with particular focus on our less developed members,” said Sir Danny Alexander, AIIB Vice President for Policy and Strategy. “For the first time, with the support of donors, this new facility will enable AIIB to offer more affordable loan pricing to these members. Combined with our Project Preparation Special Fund which makes grants to support the preparation of high quality projects, we hope this new facility will help meet the needs of our less developed members and global efforts to support sustainable development and tackle climate change.”
AIIB has made gradual efforts to expand its offering to less developed members, including through AIIB’s Project Preparation Special Fund. In 2020 and in response to the pandemic, AIIB created a Special Fund Window under the COVID-19 Crisis Recovery Facility offering an interest rate buy-down mechanism for financing extended to less developed members. The new SFW will build on the experiences gained and further extend AIIB’s financing to these members.
The SFW includes unique features that demonstrate innovation in the field of blended finance. It will be funded by voluntary contributions from AIIB’s members. Decision-making authority will reside with AIIB’s existing multilateral governance structure, and the SFW will operate according to the rules and regulations approved by AIIB’s Board of Directors. For operational efficiency reasons, the SFW implementation will be fully incorporated into AIIB’s regular investment process.
Projects under the SFW would contribute to supporting AIIB’s Corporate Strategy priorities and targets. AIIB’s Corporate Strategy (2021-2030) combines the Bank’s firm commitment to sustainability with a clear operational focus on (1) Green Infrastructure, (2) Connectivity and Regional Cooperation, (3) Technology-enabled Infrastructure and (4) Private Capital Mobilization. It sets targets on climate financing (50 percent of actual financing approvals by 2025), cross-border connectivity (25-30 percent of actual financing approvals by 2030) and private sector financing (50 percent of total approved financing by 2030).
Sansho Restaurant: For authentic Japanese
Sansho Restaurant is an ideal place to quench your craving for Japanese food. Located beside the Saleways Department Store in Pulchowk, this charming joint is all about exploring Japanese food culture. The place’s decor, with its vibrant colors and arts, reflects the true Japanese spirit too. The menu of this restaurant, which is managed by Naulo Hospitality, specializes in different types of sushi, curry and ramen.
Chef’s Special:
Bento Box
Japanese curry
Unagi special sushi
Opening hours: 10:00 am to 10:00 pm
Location: Pulchowk, Lalitpur
Meal for 2: Rs 1,500
Phone pay: Yes
Contact: 9841169359
China’s supportive role expected for prosperity
The official visit of Chinese Foreign Minister and State Councilor Wang Yi this weekend is not only expected to take the centuries-old people-to-people relations between the two countries to new heights but also ensure that problem-free Nepal-China relations can build a reliable partnership in Nepal’s journey towards prosperity.
The visit, which is taking place after a hiatus of three years, is expected to be productive in further strengthening cooperation and partnership between Nepal and China on issues of common concern and mutual interest. Foreign Minister Wang is a senior diplomat and an old friend of Nepal, who is aware of the development aspirations of Nepal and Nepalis. His visit is expected to be fruitful in taking the relations between the two countries to new heights.
Foreign Minister Wang is the first highest foreign dignitary to visit Nepal after Prime Minister Sher Bahadur Deuba assumed leadership of the government in July last year. It will be a golden opportunity to promote Nepal’s national interest and expand the scope of cooperation. The government has made Nepal’s national interest and development needs and priorities as its agenda to increase partnership and cooperation with China, the world’s emerging power, during his stay here.
A foreign ministry official stated that Nepal would hold in-depth discussions with a delegation led by Foreign Minister Wang regarding the implementation of cooperation projects under the Belt and Road Initiative, a multi-billion dollar infrastructure development project put forward by China. The two sides will dwell on upgrading Nepal from a least-developed country to a middle-income country by 2030 and build physical infrastructures such as ports, roads, railways, air transport and communications within the Trans-Himalayan Multidimensional Connectivity Network to support Nepal’s development agenda of achieving sustainable development goals.
He said the Chinese foreign minister was visiting Nepal to convey the message of China’s commitment to implementing the BRI and its Framework Agreement that could not move forward for the past five years owing to the pandemic.
China has already proposed the project implementation plan of BRI with Nepal for final approval and the Government of Nepal is ready to finalize it during this visit.
During talks between the foreign ministers of Nepal and China on Saturday, the Nepali side is all set to request joint inspection of the border, which has been stalled for more than a decade, reopening of Rasuwagadhi and Tatopani (major trade ports between Nepal and China), resumption of flights and addressing the problems faced by Nepali students who returned home to escape the pandemic, the official shared.
The foreign ministry official also said that Nepal would raise issues including the implementation of the agreements reached during the visit of Chinese President Xi Jinping to Nepal and the visit of former prime minister KP Sharma Oli to China. Discussions are going on between various ministries of the Government of Nepal to finalize the agenda of the meeting between Chinese and Nepali foreign ministers on Saturday. During the visit of the Chinese foreign minister, an agreement will be signed to export grass from Nepal and Nepal will receive additional Chinese grants under technical and economic assistance. “Discussions between senior officials of the Ministry of Foreign Affairs and the Ministry of Finance on the annual assistance to Nepal under grant and technical and financial assistance is in the process of finalisation,” an official at the Ministry of Finance said. China has hinted it could increase its annual aid this year, the official said.
Such visits from time to time will help understand each other and address grievances as well as renew the relationship.
The age-old Nepal-China friendship that has been nurtured by Araniko and Bhrikuti has been flourishing since the establishment of diplomatic relations between the two countries in 1955. The tradition of friendly cooperation and high-level visits have further enhanced the bond of affinity for the mutual benefit of both countries. RSS
Minister Ale leaving for India today
Minister for Tourism, Culture and Civil Aviation Prem Bahadur Ale is leaving for India on Thursday.
Minister Ale is leaving for India today to take part in a program organized by the government of India and Wings India 2022 in the field of tourism and civil aviation.
It has been learnt that Prime Minister Narendr Modi will inaugurate the program to be held in Hyderabad of India.
Minister Ale is scheduled to present his views in the field of tourism promotion and civil aviation in Nepal, Nepal Civil Aviation Authority DDG Hansaraj Pandey said.
Alliance will be forged with NC in all three tiers of elections: Dahal
CPN (Maoist Centre) Chairman Pushpa Kamal Dahal claimed that there will be an alliance with the Nepali Congress in all three tiers of elections.
Talking to journalists at his home district in Chitwan on Thursday, he said the party still has alliance with the Nepali Congress and will also be forged in all three tiers of elections.
“The current alliance will not only last for local but also for provincial and federal elections,” Chairman Dahal said.
Though the Chitwan Congress has claimed that there will not be an alliance, he said that the alliance will be forged from the centre.
He came to Chitwan to take part in various programs to be organized in his constituency Madi.
Sri Lankans flee to India to escape country's worst economic meltdown
With Sri Lanka staring at an unprecedented economic crisis, the refugee flow to Tamil Nadu has commenced after 16 Sri Lankan nationals reached the shores of the state, The Economic Times reported.
On Tuesday, the refugees arrived in Tamil Nadu in two batches.
While six people, including a family of a man, wife and their 4 month-old son and a woman and her six and twelve year old children arrived on Tuesday afternoon, the rest arrived late at night.
In Sri Lanka there is a high financial crisis with prices of essential commodities, including milk and rice skyrocketing, petrol and diesel not available and power stations shut. Schools are not holding examinations due to lack of paper for printing question papers.
It may be noted that the Civil war in the early 1980's triggered an inflow of people from Sri Lanka and now around 60,000 refugees are living in 107 camps spread across Tamil Nadu and about 30,000 more live outside these camps or in general society, according to The Economic Times.
The first batch of six refugees who arrived in the state have been identified as R. Gajendran (24), his wife Mary (23) and their four-month-old son Nijath. Dony Ariston (31) and her two sons, Esther (12) and Moses (6) also accompanied Gajendran's family. Dony has left behind her husband in Sri Lanka while traversing to India as a refugee.
Interacting with reporters at Madurai, Gajendran and the two women said that they don't have any jobs in Sri Lanka and essential commodities were not available while blackmarket prices were unaffordable. They also said that long ques can be seen in fuel stations.
They also said that they had paid an amount of Rs 50,000 to a boatman who had dropped them early morning of Tuesday at a sand dune near Rameswaram and were later rescued by the Indian coast guard. Ten other people also reached Tamil Nadu late evening of Tuesday but their details were not available, The Economic Times reported.
Police sources told IANS that the refugees would be produced before a court in Ramanathapuram on Wednesday.
Crisis-hit Sri Lanka sends troops to fuel stations, aims to restructure debt
Sri Lanka posted soldiers at hundreds of state-run gas stations on Tuesday to help distribute fuel after a sudden rise in prices of key commodities and accompanying shortages forced tens of thousands of people to queue for hours, Reuters reported.
The Indian Ocean nation is battling a foreign exchange crisis that forced a currency devaluation and hit payments for essential imports such as food, medicine and fuel, prompting it to turn to the International Monetary Fund (IMF) for help.
"The government has to provide solutions," said Seetha Gunasekera, 36, who lives with her husband and two children in Colombo, the capital.
"There is too much hardship and suffering," added Gunasekera, who said she was spending more time in fuel queues than doing anything else.
"Prices of everything have increased and we are barely able to manage with what we earn daily."
The decision to deploy troops near petrol pumps and kerosene supply points came after three elderly people dropped dead during their wait in long queues, officials said, according to Reuters.
It was a response to complaints of stockpiling and inefficient distribution, said government spokesman Ramesh Pathirana.
"The military has been deployed to help the public, not to curtail their human rights," he added.
TWO SOLDIERS AT EACH PUMP
Military spokesman Nilantha Premaratne told Reuters at least two army personnel would be stationed at every fuel pump to help organise fuel distribution, but the soldiers would not be involved in crowd control.
Tension over the scarcity of supplies has fed sporadic violence among those scrambling to buy fuel and other essential items.
Police said a man was stabbed to death on Monday in an argument with the driver of a three-wheeled vehicle, while last week three elderly men died queueing for fuel in sweltering heat, Reuters reported.
The rapid drain of Sri Lanka's dollars has left it struggling to pay for critical imports as currency reserves have slumped 70% in the last two years to $2.31 billion.
But Sri Lanka has to repay about $4 billion in debt in the rest of this year, including a $1-billion international sovereign bond that matures in July.
Ahead of IMF talks in Washington in April, the government said it would hire a global law firm to provide technical assistance on debt restructuring to fight the crisis, according to Reuters.
Russian veteran reformer Chubais quits job as Putin envoy
Anatoly Chubais has stepped down from his role as an international envoy for President Vladimir Putin, the most senior official to resign since Russia's invasion of Ukraine, BBC reported.
Russian reports said he was currently in Turkey with his wife.
Mr Chubais was given the job of coordinating Russia's sustainable development goals internationally.
After the war began he posted a picture of a murdered opposition figure, in what was seen as a critical gesture.
There was no comment to accompany his Facebook photo of Boris Nemtsov, on the anniversary of his killing in view of the Kremlin. He has also made no comment yet on his resignation, according to BBC.
A source told the Tass news agency that he had left Russia as well as resigning as a special representative to President Putin.
"Yes, Chubais has resigned of his own will. But whether he has left [Russia] or stayed, that's his personal affair," said Kremlin spokesman Dmitry Peskov.
Other than Mr Peskov and Foreign Minister Sergei Lavrov, few members of the president's circle have appeared in public in recent weeks.
Ukrainian presidential adviser Mykhaylo Podolyak said on Wednesday that it was interesting that the two top security figures, Defence Minister Sergei Shoigu and Chief of Staff Valery Gerasimov, were "nowhere to be seen", along with the heads of Russia's secret services.
Chubais was not seen as a Kremlin insider, despite having the post of special representative for ties with international organisations, BBC reported.
He is best known for his controversial role in helping to reform Russia's economy in the 1990s after the fall of the Soviet Union. The raft of privatisations under President Boris Yeltsin helped create a large number of very wealthy oligarchs.
Opposition figures were unimpressed by Mr Chubais's resignation. Jailed leader Alexei Navalny's spokeswoman, Kira Yarmysh, cast doubt on claims that it was an anti-war protest, rather than "out of fear for his own skin and his own money".
Russia has clamped down on criticism of the invasion, which began on 24 February, requiring state-run media to describe it as a "special military operation".
Several state TV journalists have resigned, including Channel One editor Marina Ovsyannikova, who held up a poster saying "Stop the War!" during a prime-time news broadcast, telling Russians they were being lied to, according to BBC.
A new law bans the dissemination of "false news" about the war and political journalist Alexander Nevzorov became the most prominent figure yet to be prosecuted, after he posted details on social media about Russia's deadly attack on a maternity hospital in the southern Ukrainian city of Mariupol.
