Asian Infrastructure Investment Bank (AIIB) to open first overseas office in Abu Dhabi
The Asian Infrastructure Investment Bank (AIIB) has recently signed an agreement to create its first Interim Operational Hub in Abu Dhabi Global Market.
The Asian Infrastructure Investment Bank (AIIB) has recently signed an agreement to create its first Interim Operational Hub in Abu Dhabi Global Market, marking its initial foray into establishing an overseas office. AIIB is a multilateral development bank that focuses on financing infrastructure projects that prioritize sustainability. As the host country for COP28 later this year, the UAE has emphasized the importance of climate finance, a key concern for nations as they strive to increase their efforts and commitments towards climate action.
Key Points To Note:
The AIIB has established its first Interim Operational Hub in Abu Dhabi Global Market, which will serve as its initial overseas office.
The office will have a strategic location in the Middle East and the world, and will support the Bank’s development agenda by financing infrastructure projects that prioritize sustainable economic growth, particularly in areas where it is most needed.
Dr. Al Jaber, who is also the COP28 President-Designate, has stated that hosting the AIIB’s overseas operational office reflects the UAE’s commitment to strengthening cooperation with international organizations and institutions that focus on sustainable economic development in developing countries.
About Asian Infrastructure Investment Bank (AIIB):
AIIB is a multilateral development bank that was established in 2016 with the goal of financing infrastructure projects in Asia and beyond.
The bank is headquartered in Beijing, China, and has over 100 member countries, including several major economies such as the United Kingdom, Germany, and Australia.
AIIB’s mission is to foster sustainable economic growth, create wealth and improve infrastructure connectivity in Asia by investing in infrastructure and other productive sectors.
Major contributors to the Asian Infrastructure Investment Bank (AIIB)
China – China is the largest contributor to the AIIB, with a share of around 26% of the bank’s capital.
India – India is the second-largest contributor to the AIIB, with a share of around 7.5%.
Russia – Russia has a share of around 6.6% in the AIIB, making it one of the major contributors to the bank.
Germany – Germany has a share of around 4.6% in the AIIB, making it one of the largest European contributors to the bank.
South Korea – South Korea has a share of around 3.8% in the AIIB, making it one of the major contributors to the bank.
RBI allows AU Small Finance Bank to deal with foreign exchange
AU Small Finance Bank has announced that it has been granted permission by the Reserve Bank of India (RBI) to act as an authorized dealer in foreign exchange.
AU Small Finance Bank has announced that it has been granted permission by the Reserve Bank of India (RBI) to act as an authorized dealer in foreign exchange. The bank has received a license to operate as an Authorized Dealer Category-I (AD-I) under section 10 of FEMA, 1999. As a result, the bank will be able to deal in foreign exchange going forward, provided it adheres to all relevant regulations. This announcement was made by the bank in a SEBI filing.
AU Small Finance Bank: Appointments of Director and CEO:
AU Small Finance Bank has announced that the Reserve Bank of India (RBI) has approved the re-appointment of Sanjay Agarwal as the managing director and CEO of the bank for a three-year period. The re-appointment is effective from April 19, 2021, until April 18, 2026, according to a statement issued by the bank. Furthermore, the RBI has also cleared the re-appointment of Uttam Tibrewal as the whole-time director for a period of three years.
Tata Steel to set up a pilot plant for methanol
Tata Steel plans to set up a 10-tonnes-per-day pilot plant at its Kalinganagar facility in Odisha to produce methanol using blast furnace flue gases.
Tata Steel plans to set up a 10-tonnes-per-day pilot plant at its Kalinganagar facility in Odisha to produce methanol using blast furnace flue gases. The success of this pilot plant could pave the way for significant methanol production in India. The project aims to explore the possibility of combining carbon dioxide from steel mill blast furnaces with hydrogen from electrolysers to produce methanol. This will enable Tata Steel to test the feasibility of this process and potentially pave the way for a more sustainable approach to methanol production in the country.
Need of this development:
Atanu Mukherjee, the CEO of Dastur Energy, which specializes in carbon technologies, including carbon capture, utilisation and storage (CCUS), has expressed a very optimistic outlook on methanol’s future. Mukherjee believes that methanol will become the next big thing, much larger than bioethanol.
Dastur Energy has recently been awarded a $7.5 million (₹60 crore) contract from the US Department of Energy for a carbon capture project in Texas. The company is also involved in the Tata Steel pilot methanol plant, indicating its involvement in carbon capture and methanol production technologies.
Rationale behind the methanol plant project:
The methanol plant project could help India transition to a methanol economy, which would have significant benefits for the country.
Although the methanol plant may not use large quantities of carbon dioxide from power and steel plants, it still has the potential to reduce India’s carbon footprint by replacing traditional fuels.
Methanol can be produced at a cost of ₹25 per litre, which is significantly cheaper than the government-fixed price of ₹65.60 per litre for bioethanol.
Hydrogen can be produced at a cost of $1.5 per kg through coal gasification, and methanol produced from this hydrogen could be produced at $450 per tonne.
Internal combustion engines can handle a 15-25% blend of methanol in petrol and diesel without requiring any modifications.
HDFC Bank appoints Kaizad Bharucha as deputy managing director
Kaizad Bharucha has been appointed as Deputy Managing Director while Bhavesh Zaveri has been appointed as Executive Director for a three-year term starting from April 19, 2023.
HDFC Bank has recently appointed two senior executives and their appointments have been approved by the Reserve Bank of India (RBI). Kaizad Bharucha has been appointed as Deputy Managing Director while Bhavesh Zaveri has been appointed as Executive Director for a three-year term starting from April 19, 2023. The bank has shared this information through a regulatory filing.
Kaizad Bharucha is an experienced banker with over 35 years of work experience. He has been a part of HDFC Bank since 1995. Currently, he serves as an Executive Director and oversees the bank’s Wholesale Banking operations, which includes Corporate Banking, Capital & Commodities Markets, PSUs, Financial Institutions, Mutual Funds, Custody, Banks coverage, and Global Capability Centre. Before joining HDFC Bank, he worked with SBI Commercial and International Bank, where he handled responsibilities related to Corporate Banking and Trade Finance.
Bhavesh Zaveri is currently serving as the Group Head for Operations, Cash Management, and ATM Product at HDFC Bank. He is responsible for managing business and operations across India, ensuring seamless execution of operations across various product categories of the bank such as asset, liabilities, payments, cash management, trade finance, treasury, and ATM products. With over 36 years of experience, he has led critical functions such as Operations, Cash Management, and Technology at the bank.
Sonam Wangchuk conferred with Prestigious Santokbaa Humanitarian Award
Sonam Wangchuk, a distinguished engineer, innovator, educationist, and sustainable development reformist, has been honored with the prestigious Santokbaa Humanitarian Award.
Sonam Wangchuk, a distinguished engineer, innovator, educationist, and sustainable development reformist, has been honored with the prestigious Santokbaa Humanitarian Award. The award has been initiated by Shree Ramkrishna Exports (SRK), a leading company in diamond crafting and exports, and its philanthropic arm Shree Ramkrishna Knowledge Foundation (SRKKF). Wangchuk is the Founder-Director of Students’ Educational and Cultural Movement of Ladakh (SECMOL).
The Santokbaa Humanitarian Award, which includes a cash prize of Rs. 1 crore, has been created in honor of Late Santokbaa Dholakia, the mother of Govind Dholakia, the Founder Chairman of SRK and SRKKF. The award ceremony took place on April 10, 2023, which is the death anniversary of Santokbaa. The award was presented to Sonam Wangchuk at Hotel Zen in Ladakh during the ceremony. The previous award recipients include Tata Sons’ former chairman Ratan Tata, Nobel Prize winner Kailash Satyarthi, Space scientist and former ISRO chairman A.S. Kiran Kumar, philanthropist and Infosys Foundation Chairperson Sudha Murty.
About the Sonam Wangchuk:
Sonam Wangchuk is the creator of the Ice Stupa technique, which involves the creation of artificial glaciers that store winter water in the form of cone-shaped ice heaps. This technique has been instrumental in addressing the water scarcity issue in Ladakh. Apart from this, he is also involved in tackling other environmental challenges. The campus of SECMOL, which he designed, runs completely on solar power and does not use any fossil fuels for heating, lighting, or cooking. His efforts have significantly improved the lives of people in Ladakh, making him an inspiration for individuals who aspire to make a positive impact on the world.
Andhra Pradesh CM lays foundation stone for Mulapeta port
The Chief Minister of Andhra Pradesh, Y S Jagan Mohan Reddy, initiated the construction of the Mulapeta greenfield port in Srikakulam district.
The Chief Minister of Andhra Pradesh, Y S Jagan Mohan Reddy, initiated the construction of the Mulapeta greenfield port in Srikakulam district. The port is estimated to cost Rs 4,362 crore and is expected to be completed within two years. In addition to the port, the Chief Minister also laid the foundation for a fishing harbor in Budagatlapalem, a life irrigation project that will span from the Gotta barrage to the Hira Mandalam reservoir, and the continuation of work on the Mahendra Tanaya river.
Significance of this development:
Speaking at a public meeting held in Naupada village, the Chief Minister Y S Jagan Mohan Reddy expressed his pride in the four development projects, stating that they would bring about a significant transformation in the Srikakulam district. He highlighted that the district has the advantage of a 193-kilometre long coastline, which constitutes a significant portion of the state’s total coastline of 974 kilometers.
Reddy’s emphasis on the importance of the coastline underscores the potential for the region to become a major hub for maritime activities, including trade and commerce, fishing, and tourism. The development of the Mulapeta greenfield port and the fishing harbor in Budagatlapalem is expected to significantly boost the local economy and create employment opportunities for the people in the district.
The irrigation project and the Mahendra Tanaya river project are aimed at promoting sustainable agriculture and mitigating the adverse effects of flooding in the region. The Chief Minister’s comments at the public meeting reflect the government’s commitment to promoting sustainable development in the state, which can lead to long-term economic growth and social well-being.
NE’s largest multipurpose indoor stadium being built in Shillong
Meghalaya Chief Minister Conrad K. Sangma announced that a multipurpose indoor stadium is currently under construction in Shillong, which is set to become the largest of its kind in the NE region.
Meghalaya Chief Minister Conrad K. Sangma announced that a multipurpose indoor stadium is currently under construction in Shillong, which is set to become the largest of its kind in the northeastern region. The Chief Minister also revealed that the stadium will offer state-of-the-art facilities for various disciplines, including basketball, squash, badminton, table tennis, volleyball, and many more.
Key Things To Know About indoor stadium in Shillong :
Meghalaya Chief Minister Conrad K. Sangma visited the Jawaharlal Nehru Stadium at Polo ground in Shillong to inspect the ongoing renovation, upgradation and expansion of the facility.
The renovated stadium will include a football ground with natural grass turf and a state-of-the-art facility for hosting track and field events.
Sangma emphasized the high quality standards being maintained in the construction, ensuring that the stadium will be fit to host international sporting events.
The renovated stadium is expected to have a seating capacity of almost 30,000 and is slated for completion by December 2022.
Sangma expressed his optimism that the state-of-the-art facilities will offer an excellent opportunity for the youth of the state to excel in various sporting disciplines.