While the United States and Japan have to date not joined the AIIB, the membership of Western countries in the AIIB has been critical to the institution gaining international credibility and obtaining the much coveted Triple-A credit rating from the world’s leading credit rating agencies. [...] The German Government, which is the largest non-regional shareholder in the AIIB and former chair and presently deputy chair of the constituency representing the Euro-Zone on the AIIB’s Board, set out a clear bottom-line. [...] 17 The PPI also includes an exception that allows for the non-disclosure of information that might “..compromise the international character of the Bank, in accordance with Article 31 of the Articles of Agreement, or is inconsistent with the Bank’s duty of due respect to national laws and regulations.”23 The international character of the AIIB and its obligation not to interfere in the internal af. [...] Delegating the disclosure responsibility to the client Disclosure by the client (7.1) refers to the requirements listed in the Environmental and Social Standards (ESS) 1, which asks the client to make Environmental and Social information available in a timely manner (2.15) and to disclose draft documentation, final documentation changes to the project and monitoring reports as early as feasible (2. [...] Disclosure by the Bank (7.2) requires the Bank to disclose the documentation provided by the client as per the requirements of the client listed above (7.1).
- Pages
- 32
- Published in
- Germany
