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ADB readies for face-off with AIIB, NDB in India
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SME Times News Bureau | 25 Mar, 2019
As fledgling multilateral development banks AIIB and NDB are making
inroads in Asia and beyond, the 52-year-old Asian Development Bank (ADB)
took the offensive with a massive recruitment outreach in India, a
major client in the region.
The Manila-based ADB issued an
advertisement on Saturday reaching out to mid and senior level
international development professionals in India for career
presentations to be held in Delhi, Ahmedabad, Mumbai, Chennai and
Bengaluru from April 1 to April 9.
The first-of-its-kind
recruitment outreach event by ADB comes at a time when the China-led
Asian Infrastructure Investment Bank (AIIB) and the New Development Bank
(NDB) established by Brazil, Russia, India, China and South Africa
(BRICS) are still building their teams.
The move to touch base
with the crème de la crème of the development professionals in India in
20 crucial sectors like agriculture, education, health, energy, climate
change, finance and urban development is seen as a pre-emptive bid by
the Japan and US-led bank.
Though there are no visible signs of
any direct conflict yet, chances of different approaches, lending
modalities and policy solutions while competing for same clients leading
to unhealthy competition is real despite massive infrastructure
financing gaps in the region.
"If it (outreach) is only India
specific, it should raise question marks as to the intent. It may be
pre-emptive and/or is trying to set an axis which involves India much
more in ADB and thus weans it away from the new banks," economist and
statistician Pronab Sen told IANS.
Both AIIB (referred to as
China's World Bank) and NDB (also known as BRICS Development Bank),
which started operations in 2016 are more representative of emerging
markets where developing countries have better voting rights as per
their contribution to global economy.
"The World Bank is totally
dominated by the US and to slightly lesser extent by the European Union.
The ADB is totally dominated by Japan... A proper development bank
should actually have its guiding principles arising from the developing
countries themselves which both these institutions (AIIB and NDB) are
designed to do," Sen said, supporting the decentralization in
development financing.
The largest stakeholders in ADB are Japan
and the US with nearly 13 per cent voting shares each while China has
the largest voting power at 26.16 per cent in AIIB followed by India
(7.51) and Russia (5.92). In NDB, all five members share 20 per cent
stakes each.
As to the charge that the new MDBs are being
dominated by China, Sen said if that actually happens and the Chinese
domination becomes much, then it will become part of the bigger
geo-political game where all is about influencing policies of individual
countries.
"If these are more democratic institutions then they
offer a very valuable offset to the existing banks. They may make the
operations of the existing multilateral institutions more sensitive to
the needs of developing countries," the former Chief Statistician of
India said.
While it is yet to be seen to what extent the new
MDBs will become a more democratic voice of developing countries, the
ADB's human resources team is fanning out in the world's fastest growing
economy presenting its strategic overview and gaining mindshare.
Interested
participants have been asked to register for the "free" sessions with
their education and specialisation details. They are also to visit a
specific recruitment page titled 'Recruitment Mission India, April 2019'
to express their interest in ADB's employment opportunities.
However, entry to the sessions or seat availability will be confirmed by ADB by March 28.
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