Nepal probes journalists for Dalai Lama news

Yahoo – AFP, May 14, 2019

Chinese members of a guard of honour hold Nepalese and Chinese flags ahead of
a welcoming ceremony for Nepal's President Bidhya Devi Bhandar at the Great Hall
of the People in Beijing on April 29, 2019 (AFP Photo/MADOKA IKEGAMI)

Kathmandu (AFP) - Three Nepali journalists are being probed for circulating a news item on the Dalai Lama, officials said Tuesday, in a sign of growing Chinese influence on its small Himalayan neighbour.

The journalists, who work with Nepal's national news agency Rastriya Samachar Samiti (RSS), were asked for clarifications after translating a wire report about the Dalai Lama's discharge from a hospital and his return to Dharamshala in April.

The circulation of the translation coincided with the visit of Nepal's president Bidhya Devi Bhandari to China on invitation of Chinese President Xi Jinping.

Hari Adhikari, chairman of RSS, said that a committee has been formed and the management will decide whether to take any action against the three after it submits a report.

"As the national news agency, we don't carry news that is against the foreign policy of our country and affects the relationship with our neighbours," Adhikari said.

Nepal, home to around 20,000 Tibetans, is under intense pressure from its giant neighbour China over the exiles, and has repeatedly said it is committed to one-China policy.

China is among the top development partners for the impoverished nation, pumping in over $58.7 million in the last fiscal year into developing hydroelectricity, roads and infrastructure.

In May 2017, Kathmandu signed up to Beijing's ambitious Belt and Road initiative, a massive infrastructure drive that critics say is at the centre of the Asian giant's push to expand its global influence.

"China's interest and influence of China has been consistently increasing in Nepal and our government is also positive towards addressing their security and strategic concerns," said Geja Sharma Wagle, Kathmandu-based foreign policy analyst.

Once a safe haven for Tibetans, increased police crackdowns in Nepal have discouraged protests and even celebrations within the community.

China's 'Silk Road' project runs into debt jam

Yahoo – AFP, Julien GIRAULT, September 2, 2018

Sri Lanka has already paid a heavy price for being highly indebted to China
(AFP Photo/LAKRUWAN WANNIARACHCHI)

China's massive and expanding "Belt and Road" trade infrastructure project is running into speed bumps as some countries begin to grumble about being buried under Chinese debt.

First announced in 2013 by President Xi Jinping, the initiative also known as the "new Silk Road" envisions the construction of railways, roads and ports across the globe, with Beijing providing billions of dollars in loans to many countries.

Five years on, Xi has found himself defending his treasured idea as concerns grow that China is setting up debt traps in countries which may lack the means to pay back the Asian giant.

"It is not a China club," Xi said in a speech on Monday to mark the project's anniversary, describing Belt and Road as an "open and inclusive" project.

Xi said China's trade with Belt and Road countries had exceeded $5 trillion, with outward direct investment surpassing $60 billion.

But some are starting to wonder if it is worth the cost.

During a visit to Beijing in August, Malaysia's Prime Minister Mahathir Mohamad said his country would shelve three China-backed projects, including a $20 billion railway.

The party of Pakistan's new prime minister, Imran Khan, has vowed more transparency amid fears about the country's ability to repay Chinese loans related to the multi-billion-dollar China-Pakistan Economic Corridor.

China's "new Silk Road" envisions the construction of railways, roads and ports 

across the globe (AFP Photo/FAROOQ NAEEM)

Meanwhile the exiled leader of the opposition in the Maldives, Mohamed Nasheed, has said China's actions in the Indian Ocean archipelago amounted to a "land grab" and "colonialism", with 80 percent of its debt held by Beijing.

Sri Lanka has already paid a heavy price for being highly indebted to China.

Last year, the island nation had to grant a 99-year lease on a strategic port to Beijing over its inability to repay loans for the $1.4-billion project.

'Ambiguous partner'

"China does not have a very competent international bureaucracy in foreign aid, in expansion of soft power," Anne Stevenson-Yang, co-founder and research director at J Capital Research, told AFP.

"So not surprisingly they're not very good at it, and it brought up political issues like Malaysia that nobody anticipated," she said.

China's President Xi Jinping (C) says the initiative is 'not a China club' 

(AFP Photo/Roman PILIPEY)

"As the RMB (yuan) becomes weaker, and China is perceived internationally as a more ambiguous partner, it's more likely that the countries will take a more jaundiced eye on these projects."

The huge endeavour brings much-needed infrastructure improvements to developing countries, while giving China destinations to unload its industrial overcapacity and facilities to stock up on raw materials.

But a study by the Center for Global Development, a US think-tank, found "serious concerns" about the sustainability of the sovereign debt in eight countries receiving Silk Road funds.

Those were Pakistan, Djibouti, Maldives, Mongolia, Laos, Montenegro, Tajikistan and Kyrgyzstan.

The cost of a China-Laos railway project -- $6.7 billion -- represents almost half of the Southeast Asian country's GDP, according to the study.

In Djibouti, the IMF has warned that the Horn of Africa country faces a "high risk of debt distress" as its public debt jumped from 50 percent of GDP in 2014 to 85 percent in 2016.

Africa has long embraced Chinese investment, helping make Beijing the continent's largest trading partner for the past decade.

Sri Lanka has already paid a heavy price for being highly indebted to China

(AFP Photo/LAKRUWAN WANNIARACHCHI)

On Monday, a number of African leaders will gather in Beijing for a summit focused on economic ties which will include talks on the "Belt and Road" programme.

'Not a free lunch'

China bristles at criticism.

At a daily press briefing on Friday, foreign ministry spokeswoman Hua Chunying denied that Beijing was saddling its partners with onerous debt, saying that its loans to Sri Lanka and Pakistan were only a small part of those countries' overall foreign debt.

"It's unreasonable that money coming out of Western countries is praised as good and sweet, while coming out of China it's sinister and a trap," she said.

Stevenson-Yang said China's loans are quoted in dollar terms, "but in reality they're lending in terms of tractors, shipments of coal, engineering services and things like that, and they ask for repayment in hard currency."

Standard & Poor's said Beijing structures the infrastructure projects as long-term concessions, with a Chinese firm operating the facility for a period of 20 to 30 years while splitting the proceeds with the local counterpart or government.

The head of the International Monetary Fund, Christine Lagarde, raised concerns about potential debt problems in April and advocated greater transparency.

"It's not a free lunch, it's something where everybody chips in," she said.

Canada to apply to join China-backed infrastructure bank

Yahoo – AFP, Fran Wang, August 31, 2016

Canada's Finance Minister Bill Morneau announced Ottawa's decision to join  the
China-backed Asian Infrastructure Investment Bank (AIIB) (AFP Photo/Chris Wattie)

Beijing (AFP) - Canada will apply to join the China-backed Asian Infrastructure Investment Bank (AIIB), Ottawa's finance department said Wednesday, in a coup for Beijing after Washington had tried to dissuade US allies from signing up.

"Canada is always looking for ways to create hope and opportunity for our middle class as well as for people around the world," Finance Minister Bill Morneau said in a statement issued in Beijing.

"Membership in the AIIB is an opportunity to do just that."

Jin Liqun, the first president of the 

Asian Infrastructure Investment Bank 

(AIIB) welcomed Canada's decision join

 the China-backed multilateral lender

(AFP Photo/Fred Dufour)

The Beijing-headquartered multilateral lender, which began operations earlier this year, has been seen by some as a rival to the World Bank and the Philippines-based Asian Development Bank, which was founded in 1966.

The $100 billion AIIB counts several major European countries among its shareholders after they joined up despite the objections of the United States, which remains by far the world's largest economy and hosts both the World Bank and International Monetary Fund.

Critics feared the new bank would set much lower standards for projects and undermine principles of social, environmental and economic sustainability adhered to by the World Bank and other multilateral development finance institutions.

AIIB president Jin Liqun welcomed Canada's decision, which he called "a vote of confidence" in the institution that showed Ottawa's "confidence in the strong foundations the bank has built in our first few months".

The US and Japan -- the world's third-largest economy -- have notably declined to join the AIIB.

But Jin said that Washington now had a "very positive" opinion on the bank".

China "does not regard itself as the big boss" in the lender, he added, and its shareholding would "definitely be diluted" as more members joined, which could ultimately lead to Beijing losing the de facto veto power it holds over some of its decisions.

'Best interest'

In a speech Morneau suggested Canada was seeking to strike a balance between its close ally and neighbour the US, and the growing Asian giant.

China is Canada's second-largest trading partner after the United States, with exchanges topping Can$85 billion ($66.5 billion) last year.

"We have important relationships with the world's most powerful nations and have developed a capacity for mutual accommodation and governance," Morneau said.

"Should we become the first North American member of the AIIB, I have every confidence that we bring constructive and balanced views to the table."

The Beijing-based Asian Infrastructure Investment Bank (AIIB) has been seen 

by some as a rival to the World Bank and the Philippines-based Asian Development 

Bank (AFP Photo/Fred Dufour)

Joining the China-backed lender would create jobs and business opportunities for Canadians, he said, adding: "Participation in the bank is clearly in Canada's best interest."

Canada's announcement came during Prime Minister Justin Trudeau's visit to China, where he met Prime Minister Li Keqiang to try to strengthen ties before the G20 summit this weekend in Hangzhou.

The relationship has been strained recently by Chinese plans to impose new rules on canola imports, which could risk Can$2 billion a year of Canadian oilseed sales to the Asian giant.

They were due to come into force on Thursday, but Premier Li said Wednesday that the existing rules would continue to apply while the two countries negotiate a long-term agreement.

In June China's Foreign Minister Wang Yi berated a Canadian journalist while visiting Ottawa for questioning Beijing's human rights record, saying her question was "full of prejudice and arrogance" and that she had "no right to speak".

The incident provoked a public outcry and led Canada to lodge a formal complaint with Beijing.

The 2014 detention on espionage charges of Canadian citizen Kevin Garratt, who had run a Christian-themed coffee shop near the North Korean border, has also raised tensions.

At the Great Hall of the People in Beijing on Wednesday, Trudeau said he had "highlighted" Garratt's case in meetings with Chinese leaders but stressed that the goal of the visit was to establish a "strong, stable relationship and ongoing dialogue" with China.

Premier Li said judicial authorities would handle Garratt's case "in strict accordance with the law" and that his right to consular visits would be upheld.

He added it was essential for the two countries to "remove disturbances" and focus on the "overall interest" of Sino-Canadian relations.

India and Iran agree port deal, reviving trade ties

Yahoo – AFP, Ali Noorani, May 23, 2016

Iranian President Hassan Rouhani (centre) speaks at a joint press briefing with
 Indian Prime Minister Narendra Modi (left) and Afghan President Ashraf Ghani
in Tehran on May 23, 2016 (AFP Photo/Handout)

Tehran (AFP) - India agreed Monday to finance the development of an Iranian port as a trading hub, as Prime Minister Narendra Modi sought to revive economic ties with Tehran after the lifting of sanctions.

The Indian leader met Iranian officials including supreme leader Ayatollah Ali Khamenei and President Hassan Rouhani during a visit that he said would mark "a new chapter in our strategic partnership".

Modi and Rouhani oversaw the signing of a memorandum of understanding for the provision of a line of credit from India's EXIM Bank to develop Iran's southern port of Chabahar, on the Gulf of Oman.

Iranian President Hassan Rouhani on 

May 23, 2016 shows him (right) walks 

alongside Indian Prime Minister Narendra 

Modi during a welcome ceremony in

Tehran on May 23, 2016 (AFP Photo/HO)

Rouhani hailed the project, saying it could become a "great symbol of cooperation between Iran and India".

Modi's visit, the first by an Indian premier to Iran in 15 years, comes after international sanctions against Tehran were lifted in mid-January following an agreement with world powers over its nuclear programme.

Since that long-awaited agreement was reached in July, officials from dozens of mainly Asian and European countries have visited Iran to seek a share of its 80-million strong market.

India, China's greatest economic rival in Asia, is among the last regional powers to arrive.

Chinese President Xi Jinping visited Iran only days after the sanctions were lifted and pledged to expand trade to $600 billion in the next 10 years.

Xi's visit was in line with his signature foreign policy initiative known as "One Belt One Road".

Afghan corridor

The first train to connect China and Iran arrived in Tehran in February loaded with Chinese goods, reviving the ancient trade route known as the Silk Road.

President Park Geun-Hye of South Korea visited Iran at the beginning of this month.

Iran and South Korea decided to triple their annual trade volume to $18 billion and Woori Bank opened an office in Tehran, becoming the first South Korean lender to do so.

Modi and Rouhani were joined by Afghan President Ashraf Ghani to sign a three-way transit accord.

The deal, bypassing Pakistan to connect Iran, India, and Afghanistan to central Asia, would boost economic growth in the region, Modi said.

"We want to link to the world, but connectivity among ourselves is also a priority," he said.

"The corridor would spur unhindered flow of commerce throughout the region. Inflow of capital and technology could lead to new industrial infrastructure in Chabahar."

Iranian President Hassan Rouhani(C) meeting with Indian Prime Minister 

Narendra Modi (L) and Afghan President Ashraf Ghani after signing a three-way

 transit agreement on Iran's southern port of Chabahar on May 23, 2016

(AFP Photo/Handout)

India thirsty for oil

The port, "when linked with the International North South Transport Corridor, would touch South Asia at one end and Europe at another."

Rouhani said it was "not merely an economic document but a political and regional one" with a message of regional opportunities for development.

He cautioned the agreement was not against any other country, but to the benefit of "peace and stability in the region".

"Other countries too can join this document of partnership in future."

The volume of trade between Iran and India in the past 11 months reached $9 billion, according to Iran's official IRNA news agency.

India is reportedly seeking to double its imports of oil from the Islamic republic.

Tehran was New Delhi's second largest oil supplier until 2011-12, when the sanctions cut its dependence on Iranian oil.

India still owes Iran $6.5 billion that Tehran was unable to recover because of the international sanctions. India has begun paying back the debt.

In the evening, Khamenei received Modi.

Croatian President Kolinda Grabar-Kitarovic, left, speaks with media during

 a joint press conference with Iranian President Hassan Rouhani after their meeting

 at the Saadabad Palace in Tehran, Iran, Wednesday, May 18, 2016. (AP Photo/

Ebrahim Noroozi)

"As you mentioned, in addition to oil and gas, Chabahar, one of the major east-west and south-north connecting points can be a platform for deep, long-term and beneficial cooperations," he told Modi.

The Afghan president praised his counterparts and said the Chabahar partnership was only the beginning.

"I thank them because they believe that Afghanistan is going to be stable and they are wagering on our stability," said Ghani.

He also met Iran's supreme leader at the end of his brief visit.

"Iran will never withhold any technical, engineering or infrastructural help from Afghanistan to harvest its natural resources," Khamenei told him.

Related Article:

US, Britain, France, Germany back business with Iran

Modi's government reveals pro-poor, farmer-friendly budget for India

New Delhi has promised to spend billions to boost infrastructure, help poor farmers and increase rural employment. The budget comes as years of economic growth have done little to improve conditions in rural India.

Deutsche Welle, 29 February 2016

Indian Finance Minister Arun Jaitley outlined the "nine pillars" of a "transformative agenda" for India's economy on Monday. These included boosting education, increasing investments in infrastructure and improving the country's tax rules.

Ram Vilas Paswan, the union minister for food and public distribution, tweeted the plan:

Budget 2016 - Nine pillars of VikasKaBudget, for transforming India pic.twitter.com/0vbZui8fbv

— Ram Vilas Paswan (@irvpaswan) February 29, 2016

Jaitley described India's 120 million farmers as the "backbone of the country's food security," and pledged to spend $5.2 billion (4.8 billion euros) on the agricultural sector. "We need ... to give back to our farmers a sense of income security," he told members of the parliament in New Delhi.

"We plan to double farmers' income in five years," Jaitley said.

The plan foresees introducing crop insurance schemes to boost farmers' incomes, increasing access to markets and funding village councils. "For rural development as a whole I have allocated 877.6 billion rupees (11.8 billion euros/$12.7 billion) in this budget," Jaitley said.

The government would also increase spending for the National Rural Employment Guarantee Scheme, which offers 100 days of employment in public companies to village households.

The government would also work toward ensuring electricity for all villages in the coming years. "The government is committed to achieve 100-percent village electrification by May 1, 2018," Jaitley said.

Jaitley's 'nine pillars' aim to transform India

A test for Modi

Despite the increased spending, Jaitley said the government would continue to try to reduce its fiscal deficit to 3.5 percent of its gross domestic product in the next year.

India, the world's fastest growing major economy, is expected to grow at 7.6 percent this fiscal year. But attempts to overhaul manufacturing have not been as successful as intended, and farming remains the major source of employment. Years of drought and falling crop prices led more than 12,000 farmers to commit suicide in 2014 alone.

The pro-farmer budget could also be an indication that Prime Minister Narendra Modi's Bharatiya Janata Party is trying to attract more supporters after its members performed dismally at local elections in Bihar last year.

State elections are scheduled to take place in farming states such as West Bengal and Uttar Pradesh later this year. Modi's victory in the polls could help him get a majority in the upper house of the parliament in New Delhi, making it easier for him to pass stalled economic reforms.

mg/kms (AP, AFP, Reuters)

Joko Calls on British Businesses to Diversify in Indonesia as He Meets With PM Cameron

Jakarta Globe, Ezra Sihite & Novy Lumanauw, Jul 27, 2015

British Prime Minister David Cameron, left, with Indonesian President Joko Widodo
 meet at the Presidential Palace, Jakarta, on Monday. (Reuters Photo/Darren Whiteside)

Jakarta. President Joko Widodo asked Britain to diversify its businesses in Indonesia and lower import duties for Indonesian products entering the United Kingdom during his bilateral meeting with British Prime Minister David Cameron in Jakarta on Monday.

Joko told Cameron he welcomed Britain’s increased investments in Indonesia, which rose 34 percent last year, but added he wished Indonesia’s fifth largest foreign investor to diversify its range of businesses in the archipelago.

“I want to encourage Britain to diversify its investment in infrastructure development, including [for the construction] of sea ports, toll roads, railways, power plants and the maritime industry. Britain has vast experiences,” said Joko, who has repeatedly invited foreign nations to invest more in Indonesia to support his ambitious infrastructure development projects — including in the maritime sector.

“I also hope that Britain will impose lower import duties for Indonesian products, such as timber, clothing, coffee and fishery products,” he added.

Joko said Indonesia was committed to continually improving its economic partnership with Britain.

The Indonesian president also expressed his wish that Britain would reciprocate Indonesia’s visa-free policy applicable to British visitors.

“We hope that there will be a visa-free facility for Indonesian citizens [going to] Britain. This issue has been discussed during limited meetings,” Joko said.

Cameron in an e-mail interview with the Jakarta Globe on Sunday said his government would offer £1 billion ($1.55 billion) of credit financing for infrastructure projects in Indonesia.

A press statement from the British Embassy in Jakarta said the fund would be made available through Britain’s export guarantee scheme.

“This financing could pave the way for growth of £200 million worth of exports to UK,” the statement says.

It adds that projects “up for grabs” include a sewage treatment system in Jakarta worth £400 million and geothermal power projects worth £66 million.

Moazzam Malik, the British Ambassador for Indonesia, the Association of Southeast Asian Nations (Asean) and Timor Leste, on Sunday said that Britain was keen to offer Indonesia its vast expertise in a number of areas — specifically in maritime infrastructure development and maritime defense, satellite technology and public-private partnerships to finance infrastructure projects.

Cameron himself told the Globe in the e-mail interview: “The UK shares a common history as a maritime nation and while we may only have hundreds of islands compared to 17,000 here, we do understand the challenges that this presents and we want to share our experience and expertise to help develop this vital sector.”

“We have a wealth of experience in using advanced technology to monitor and manage our national waters and we are also a world leader in developing marine energy.”

The British prime minister is accompanied by a delegation of leaders of 30 prominent British brands in his two-day visit to Jakarta.

Among them are Airbus Group UK president Paul Kahn, Lloyd’s of London chairman John Nelson, Rolls-Royce international director Ann Cormack, Surrey Satellite Technology group executive chairman Martin Sweeting and UK Higher Educational Unit director Vivienne Stern.

Cameron is slated to attend a business forum with the Indonesian business community in Jakarta on Tuesday.

Jakarta is the prime minister’s first stop in his four-day tour of Southeast Asia which will include Singapore, Vietnam and Malaysia. Cameron had visited Indonesia once before, in 2012 where he met with then president Susilo Bambang Yudhoyono.

The Southeast Asian tour is Cameron’s first foreign visit outside Europe after his re-election in May.

The British Embassy says the tour is part of the British government’s efforts to increase the country’s exports to £1 trillion a year and to get 100,000 more British companies exporting by 2020.

“The prime minister is taking the first trade mission of the new parliament to a region [Southeast Asia] forecast to grow at 5 percent this year and with potential to unlock huge opportunities for jobs and growth in the UK,” the embassy says in the statement.

It adds that while the focus of the trip is about “opening doors” to future trade, deals worth over £750 million are expected to be sealed by the end of the trip.

On EU-Asean free trade

Aside from boosting bilateral trade, Cameron will also put his weight behind an European Union-Asean deal. He will call for the EU and Asean to jump start negotiations talks on a free trade agreement during his scheduled visit to the Asean secretariat in Jakarta on Monday evening, after the meeting with Joko.

A deal between these two trading blocs has the potential to benefit the British economy by £3 billion every year — nearly £120 per household — “by creating one of the biggest free trade areas in the world with combined GDP of over $20 trillion,” the press statement says.

Speaking ahead of the Southeast Asian tour, Cameron said Britain could open up more markets for its businesses by leveraging the power of the EU’s single market with 500 million consumers to secure “bold, ambitious trade deals with these fastest, growing economies.”

“The EU has shown this can be done with the trade agreement with Singapore and the recent breakthrough in talks with Vietnam but an EU-Asean trade deal would really turbo charge growth across the single market,” the prime minister was quoted as saying in the statement.

He added he would make the case in discussions with Asean Secretary General Le Luong Minh.

Cameron’s call comes as Asean countries prepare to establish an economic community by the end of this year.

The statement from the British Embassy notes that Australia, Japan and China “are already ahead of the game,” having implemented free trade deals with the Southeast Asian bloc.

“As the largest foreign investor in Asean, the EU should seize on this position to secure a new trade deal,”  it says.

To support Britain’s objectives in the region, Cameron has appointed a trade envoy specifically for the Asean Economic Community, Richard Graham.

Graham, who will join the prime minister for talks with Le, will take on the role alongside his existing role as trade envoy to Indonesia.

Joko on his part said Indonesia would restart this year its talks with the EU concerning Indonesia-EU comprehensive economic partnership agreement.

Obama competing with China to secure African support

Want China Times, Staff Reporter 2015-07-26

President Uhuru Kenyatta of Kenya visits the Mombasa Nairobi Railway built
by China Communications Construction on Jan. 24, 2014. (Photo/Xinhua)

President Barack Obama of the United States, on visiting Kenya, the birthplace of his father, is competing with China for diplomatic support from African nations, according to Duowei News, an outlet operated by overseas Chinese.

Obama began his four-day visit to Kenya and Ethiopia on July 24, the first time he has visited the country as US president and nine years after he visited the country while a senator. Bloomberg's White House correspondent Margaret Talev noted that Obama on that occasion traveled to the village of Kogelo, the birthplace of Barack Obama Sr, for lunch with his grandmother and a visit to his father's grave. The senator mixed with locals and took an HIV test to encourage others to do likewise.

Obama is not visiting the village this time. Talev said the logistics of presidential travel and security concerns will keep Obama mostly confined to the capital Nairobi.

This is Obama's fourth trip to Africa after taking office and many on the continent expect the first US president from an African-American background to invest more resources into the region.

Pointing out that the combined economy of sub-Saharan Africa has doubled over the last 15 years and now stands at more than US$1 trillion, Charles Kenny, a senior fellow at the Center for Global Development, said the United States is missing out on the opportunity this dynamism presents. Africa's imports of goods equaled US$194 billion in 2013, of which the US provided US$8.7 billion — less than 5% of the total and one-third of China's share, he noted.

Kenny said US direct investment in African stocks of US$31 billion represents 13% of total stocks. However, it is growing only at half the rate of Japan's regional stock investments and one-quarter of China's from 2001 to 2012.

Barack Obama reuniting with his family

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"The End of History"- Nov 20, 2010 (Kryon channeled by Lee Carroll) - (Text-Version)

" .... Africa

Let me tell you where else it's happening that you are unaware - that which is the beginning of the unity of the African states. Soon the continent will have what they never had before, and when that continent is healed and there is no AIDS and no major disease, they're going to want what you have. They're going to want houses and schools and an economy that works without corruption. They will be done with small-minded leaders who kill their populations for power in what has been called for generations "The History of Africa." Soon it will be the end of history in Africa, and a new continent will emerge.

Be aware that the strength may not come from the expected areas, for new leadership is brewing. There is so much land there and the population is so ready there, it will be one of the strongest economies on the planet within two generations plus 20 years. And it's going to happen because of a unifying idea put together by a few. These are the potentials of the planet, and the end of history as you know it.

In approximately 70 years, there will be a black man who leads this African continent into affluence and peace. He won't be a president, but rather a planner and a revolutionary economic thinker. He, and a strong woman with him, will implement the plan continent-wide. They will unite. This is the potential and this is the plan. Africa will arise out the ashes of centuries of disease and despair and create a viable economic force with workers who can create good products for the day. You think China is economically strong? China must do what it does, hobbled by the secrecy and bias of the old ways of its own history. As large as it is, it will have to eventually compete with Africa, a land of free thinkers and fast change. China will have a major competitor, one that doesn't have any cultural barriers to the advancement of the free Human spirit.. ...."

New $100 bn BRICS bank opens in China to challenge US-led lenders

Yahoo – AFP, 21 July 2015

The bank's opening comes two weeks after a BRICS summit hosted by

Russian President Vladimir Putin (AFP Photo/Alexander Nemenov)

A new $100 billion international bank dedicated to the emerging BRICS countries opened in China's commercial hub Shanghai on Tuesday, officials said, as an alternative to other multilateral lenders.

The "New Development Bank", backed by the so-called emerging BRICS nations Brazil, Russia, India, China and South Africa, has been viewed as a challenge to Washington-based institutions.

The NDB's website explicitly describes it as an "alternative to the existing US-dominated World Bank and International Monetary Fund" which will address needs for infrastructure and sustainable development.

It comes as Beijing -- which is seeking a greater role on the global political stage to mirror its rise to become the world's second-largest economy -- is also setting up a separate Asian Infrastructure Investment Bank (AIIB).

Chinese Finance Minister Lou Jiwei played down the competitive aspect.

"The NDB will supplement the existing international financial system in a healthy way and explore innovations in governance models," he told the NDB's opening ceremony in Shanghai, as quoted by the official Xinhua news agency.

The bank says on its website that it will have authorised capital of $100 billion, with $50 billion paid in initially.

From L: Brazil's President Dilma Rousseff, Indian Prime Minister Narendra Modi, 

Russia's President Vladimir Putin, China's President Xi Jinping and South Africa's

 President Jacob Zuma at the 7th BRICS summit in Ufa on July 9, 2015 (AFP

Photo/Alexander Nemenov)

Xinhua quoted bank president K. V. Kamath, formerly a private banker in India, as saying the institution's management was "working on initiation of operations", including "making business policy" and "developing project preparations".

Operations would begin late this year or early in 2016, he added.

The opening comes two weeks after a BRICS summit hosted by Russian President Vladimir Putin.

Moscow -- which has suffered huge currency fluctuations and struggled to attract investors since the outbreak of the crisis in Ukraine -- sees the bank and a BRICS currency reserve pool as alternative global financial institutions.

At the time of the summit, Russian Foreign Minister Sergei Lavrov said in a statement that BRICS "illustrates a new polycentric system of international relations" demonstrating the increasing influence of "new centres of power".

'Financial order'

The BRICS nations, which represent 40 percent of the world's population, formally agreed to establish the bank at a meeting in Brazil in July last year.

The World Bank said it hopes to work with the newcomer.

"We are committed to working closely with the New Development Bank and other multilateral institutions, offering to share our knowledge and to co-finance infrastructure projects," World Bank president Jim Yong Kim said in a statement.

China, the world's second-largest economy, is also leading the setting up of 

another new multilateral lender, the Asian Infrastructure Infrastructure Bank (AIIB)

(AFP Photo/Johannes Eisele)

The regionally-focused Asian Development Bank also said it would "look forward" to working with the NDB.

Chinese analysts denied the BRICS bank was aimed at challenging other multilateral agencies.

"It's a complement, instead of a challenge, to existing international institutions," Li Daxiao, chief economist of Yingda Securities, told AFP.

"It can help strengthen the currency markets and maintain a stable financial order through the internal stabilisation of the BRICS countries," he said.

The other new Chinese-based multilateral lender, the AIIB, will be headquartered in Beijing and China will be its biggest shareholder with about 30 percent, according to the legal framework signed late last month by 50 founding member countries.

Major European and Asian economies including Germany, Britain, France and Australia have joined the AIIB, but the United States and Japan -- the world's largest and third-largest economies, respectively -- have declined to do so.