AIIB to focus on projects in Asian part of Russia - bank's President

SOCHI, May 19. /TASS/. Cooperation between the Asian Infrastructure Invest Bank (AIIB) and Russia will focus on projects in the Asian part of the country, AIIB President Jin Liqun said in an exclusive interview with TASS on the sidelines of the Russia-ASEAN summit in Sochi. "With regard to cooperation, President Putin proposed some ideas, some projects for particularly Asian part of Russia and these are in my view long-term areas of cooperation for AIIB. Russia is a regional member and as a regional member Russia is eligible for financing from AIIB," Jin said. During Wednesday’s meeting with Mr.Jin, Russian president Vladimir Putin said Russia is inviting the AIIB to take part in projects like expansion of the TranSiberian mainline, development of the Northern Sea Route, special economic zones in Russia’s Far East. According to Jin, when it comes to financing projects, "the AIIB will always look at three basic requirements whether the projects are financially sustainable, environmentally friendly and socially acceptable." Russia has submitted 16 projects in the Far East for a total worth of $8 bln to the Asian Infrastructure Investment Bank (AIIB) for consideration, Russia's Minister for the Development of the Far East Alexander Galushka said earlier on Thursday. As was reported earlier the Asian Infrastructure Investment Bank (AIIB) intends to consider 30 projects in 2016 for investment, with 5-10 worth a total of $0.5-1.2 bln planned to be approved. In 2017, the AIIB plans to approve around 20 projects worth $1.5-2.5 bln. Read more