World Bank and Credit Suisse Partner to Focus Attention on Sustainable Use of Oceans and Coastal Areas
The World Bank (International Bank for Reconstruction and Development, IBRD rated Aaa/AAA) issued a USD 28.6 million 5-year Sustainable Development Bond as part of ongoing efforts to raise awareness for the vital role fresh and saltwater resources play for people, livelihoods, and the planet.
Credit Suisse Securities (Europe) Ltd., through its Impact Advisory and Finance Department, acted as the sole manager of the transaction.
World Bank bonds support the financing of sustainable development projects and programs across a range of critical development sectors in member countries. This includes projects designed to promote strong governance of marine and coastal resources to support sustainable fisheries and aquaculture, make coastlines more resilient, establish coastal and marine protected areas, and those which improve solid waste management to reduce pollution in waterways and oceans. This “Blue Economy” approach supports economic growth, social inclusion and the preservation or improvement of livelihoods while at the same time ensuring the environmental sustainability of oceans and coastal areas.
“World Bank bonds provide an opportunity for investors to engage on purpose, impact and the Sustainable Development Goals. We are pleased to partner with Credit Suisse to focus attention on the importance that water conservation and the sustainable use of our oceans and waterways play in development”, said George Richardson, Director of Capital Markets, World Bank.
The World Bank bond forms the collateral for Credit Suisse’s Low Carbon Blue Economy Note, which was placed with Credit Suisse’s private wealth management clients globally. The Low Carbon Blue Economy Note as collateralized by the World Bank bond was well received and illustrates the desire for private investors to use their investment to engage on critical topics like the Blue Economy.
“Credit Suisse is delighted to partner with the World Bank to highlight the need for investment in one of the most important ecosystems for fighting climate change and creating sustainable livelihoods for billions of people – the ocean value chain. Absorbing approximately 30% of the carbon dioxide created by humans and generating 50% of the world’s oxygen, yet significantly underfunded from a private capital perspective, ocean health is critical. Funding, such as this, supports the World Bank, which in turn supports projects from sustainable fisheries to marine protected areas to ocean waste upcycling and helps us close the funding gap identified by the Sustainable Development Goal 14, “life below water”, said Marisa Drew, CEO of the Impact Advisory and Finance Department at Credit Suisse.
The World Bank issues US$50-US$60 billion in the global capital markets every year and proceeds of all its bonds support the financing of development programs that are aligned with the Sustainable Development Goals. This includes, for example, projects that are helping to: improve flood management through improved solid waste management in Philippines; preserve and grow fish stocks and related livelihoods in Peru; and improve management of marine areas and strengthen fisheries value chains in Seychelles.
Gen. Li Shangfu: “When jackals or wolves come, we will face them with shotguns”
In his first international public address since becoming defense minister in March, General Li Shangfu told the Shangri-La Dialogue that China doesn’t have any problems with “innocent passage” but that “we must prevent attempts that try to use those freedom of navigation (patrols), that innocent passage, to exercise hegemony of navigation.”
A U.S. guided-missile destroyer and a Canadian frigate were intercepted by a Chinese warship as they transited the strait between the self-governed island of Taiwan, which China claims as its own territory, and mainland China. The Chinese vessel overtook the American ship and then veered across its bow at a distance of 150 yards in an “unsafe manner,” according to the U.S. Indo-Pacific Command.
Additionally, the U.S. has said a Chinese J-16 fighter jet late last month “performed an unnecessarily aggressive maneuver” while intercepting a U.S. Air Force reconnaissance aircraft over the South China Sea, flying directly in front of the plane’s nose.
Those and previous incidents have raised concerns of a possible accident occurring that could lead to an escalation between the two nations at a time when tensions are already high.
Li suggested the U.S. and its allies had created the danger, and should instead should focus on taking “good care of your own territorial airspace and waters.”
“The best way is for the countries, especially the naval vessels and fighter jets of countries, not to do closing actions around other countries’ territories,” he said through an interpreter. “What’s the point of going there? In China we always say, ‘Mind your own business.’”
He accused the U.S. and others of “meddling in China’s internal affairs” by providing Taiwan with defense support and training, and conducting high-level diplomatic visits.
“China stays committed to the path of peaceful development, but we will never hesitate to defend our legitimate rights and interests, let alone sacrifice the nation’s core interests,” he said.
“As the lyrics of a well-known Chinese song go: ‘When friends visit us, we welcome them with fine wine. When jackals or wolves come, we will face them with shotguns.’”
In his speech U.S. Defense Secretary Lloyd Austin broadly outlined the U.S. vision for a “free, open, and secure Indo-Pacific within a world of rules and rights.”
Li scoffed at the notion, saying “some country takes a selective approach to rules and international laws.” “It likes forcing its own rules on others,” he said. “Its so-called ‘rules-based international order’ never tells you what the rules are and who made these rules.”
Republicans accuse Biden of corruption
Biden whistleblowers ‘fear for their lives’: Republicans say FBI won’t hand over alleged $5 million ‘bribery’ document because key informant’s safety could be in jeopardy, writes London “Daily Mail”. The FBI allowed leaders of the House Oversight Committee to view the FD-1023 form Republicans say proves President Biden was involved in a $5 million criminal bribery scheme.
House Republicans say that the FBI is violating a subpoena to turn over an alleged Biden ‘bribery’ document because the original informant’s life could be in danger if they are ‘unmasked’ – despite the names being redacted.
According to a ‘highly credible’ whistleblower, an internal FD-1023 memo created in 2020 based off information from a highly-paid FBI informant apparently details a $5 million ‘arrangement’ for an exchange of money for policy decisions between then-Vice President Joe Biden and a foreign national.
Rep. Marjorie Taylor Greene, R-Ga., told DailyMail.com that the foreign nation involved in the $5 million money exchange was Ukraine, and that it happened seven years ago. Greene added that the FBI could take measures to protect the informant’s life if they ‘cared about doing the right thing.’
The Georgia congresswoman added that it is necessary to move forward with contempt charges against Wray because the information contained in the document is ‘so damaging and so dangerous to our national security’ that Americans need the facts.
After reviewing the document, House Oversight Committee Republicans Chairman James Comer told reporters the accusations contained in the form ‘suggests a pattern of bribery’ consistent with findings the committee has put out publicly.
It’s called ‘money laundering,’ he said, saying it fits within the pattern of over $1 million in Romanian-linked payments to the Biden family revealed last month.
The White House has also pushed back, calling the Republican-led investigation ‘unfounded’ and ‘politically motivated.’
China takes leadership role in Central Asia
The China-Central Asia Summit, which took place recently in Xi’an on May 18-19 was every bit a geopolitical event as much as the G7 summit in Hiroshima that it overlapped. The symbolism was profound, notes M.K. Bhadrakumar, Indian Ambassador and prominent international observer.
China and Russia were the elephants in the room for both summits but the Xi’an summit distinguished itself as an inclusive affair, whereas, the G7 event was, regrettably, an exclusive gathering of wealthy countries of the Western World dripping with cold war-era animosities, and it didn’t hide its intentions even in its choice of “special invitees” — one ASEAN country; two BRICS countries; one tiny African state; a Pacific island etc. — borne out of the old colonial mindset of “divide and rule.”
The biggest difference was that the Xi’an summit was substantive and focused on a positive agenda that is quantifiable, while the Hiroshima summit was largely prescriptive and partly declarative and only marginally tangible. This was because the China-Central Asia summit took place on native soil while the G7 has no habitation and name in Asia except that one of the seven member countries is of Asian origin and the summit itself was a thinly-veiled attempt to insert the alien Western agenda into the Asian setting.
The China-Central Asia Summit was motivated by the growing realisation that the countries of the Eurasian region must play a proactive role in the common task of pushing back the United States, the driving force of the G7, which they perceive to be attempting to destabilise the common neighbourhood of Russia and China in Central Asia. Simply put, the Xi’an summit tacitly signalled that Russia and China are unitedly circling the wagons for a common purpose — to borrow an idiom which was employed by the Americans in the 19th century to describe a defensive manoeuvre.
From a historical perspective, it is for the first time ever that Russia and China are explicitly joining hands to stabilise the Central Asian region — a momentous happening by itself — with Beijing assuming a leadership role, given Russia’s preoccupations in Ukraine. This paradigm shift belies the western propaganda that Russian and Chinese interests collide in the Central Asian region. There is a strategic convergence between Moscow and Beijing that stability in Central Asian region, which is vital for both capitals in their own interests, is best achieved through ensuring security, boosting economic development or international political backing.
The Xi’an Declaration released after the summit includes 15 points, divided into several blocks of issues: security, logistics, trade and economic cooperation, humanitarian cooperation and ecology.
China’s thesis is that security is best strengthened through economic development and for that reason, therefore, the region is important from the point of view of economic cooperation and regional development — although in aggregate terms, Central Asian economic resources are nowhere near sufficient for meeting China’s needs.
Suffice to say, terrorist threats emanating from the region, posing threat to Xinjiang, are China’s main concern and Beijing is willing to openly invest its resources in the security of the region and take part in the training of the anti–terrorist forces of the Central Asian states. Geographically, three out of the five Central Asian countries, namely Kazakhstan, Kyrgyzstan, and Tajikistan, share borders with China. As for Russia, it has long regarded the region as its traditional sphere of influence and a strategic buffer zone, and thus prioritised the security of its southern border. Therefore, a safe and secure Central Asia aligns with China and Russia’s respective national interests.
In the context of the Ukraine crisis, Central Asia has emerged as a frontline for the US strategy to contain and weaken Russia. However, although Central Asian countries have adopted a neutral stance on the Ukraine situation, Russia’s influence in the region remains strong and is unlikely to be largely disrupted. Three key factors are at work here.
First, Russia is seen as the provider of security and Russia’s defence capabilities continue to play a crucial role in maintaining stability in the region.
Second, Central Asian states heavily depend on Russia in regard of labor migration, market access, transportation, and energy resources, and no other outside power foots the bill.
Third, do not underestimate that the Russia-led Eurasian Economic Union continues to systematically build up regional economic integration.
The Xi’an Declaration talks about resisting religious extremism and attempts by external forces to impose their own rules on the region.
It stands to reason that China and the Central Asian states and Russia felt the need to create more effective mechanisms and plans in their common space so as to impart a new quality of cooperation, and supplement the SCO if need arises.
So far, Russia was engaged in strengthening political integration, while China systematically and powerfully interacted with the governments of Central Asian countries for the development of energy and infrastructure projects within the framework of a full-fledged economic expansion. That division of labour worked rather well, but then, the regional security environment changed dramatically of late.
For example, it has become vital for Moscow in the context of the rupture of Russia’s energy ties with Europe to divert its oil and gas exports to the Chinese market, and that requires Central Asian infrastructure in transit mode — a novel idea altogether.
Suffice to say, a high level of harmonisation and synchronisation of the national plans of the Central Asian countries is needed. Currently, there are no agreed common strategies in the Central Asian region, which has a population of 75 million, M.K. Bhadrakumar stresses.
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