Rathin Roy: Ideas changing minds, not money changing hands

If the NDB is designed as a knowledge-based institution it will be more significant than the AIIB.

Rathin Roy

The Asian Infrastructure Investment Bank (AIIB) has got off to a wonderful start with the commentariat. Its membership now includes all major Asian economies plus a raft of European economies. The United States has also done its bit to talk up the AIIB, by voicing its displeasure at the alacrity with which the UK and Germany have joined the bank. In contrast, the BRICS-led New Development Bank (NDB) is being viewed as a sideshow, even a non-starter. This judgement is not without basis. The AIIB has a broader shareholding at this time. It has commenced recruitment and organisation-building. ...