Contributions to AIIB charter capital will be made in five equal installments - Russia’s Deputy Finance Minister

BEIJING, June 29. /TASS/. Contributions to the charter capital of the Asian Infrastructure Development Bank (AIIB) will be made in five equal installments as agreed by founding states, Russian Deputy Finance Minister Sergey Storchak told TASS on Monday after the signing ceremony of the bank’s establishment. "The states agreed from the very beginning that contributions to the capital will be made by five equal installments. These installments will be made in convertible currencies. The first installment shall be credited at accounts of the China’s government within 30 days after the Bank starts operations. The other ones shall be made exactly in a year after such date,’ the deputy minister said. "The process of agreement ratification starts," Storchak said in respect of the beginning of AIIB operations. "The institution may start practical work after ratification procedures are completed in at least ten countries holding no less than 50% of bank’s equity," the deputy minister said. Russia signed today the agreement on the Asian Infrastructure Investment Bank and received 65,362 shares in the bank and 5.92% of votes in the Bank. It becomes the third largest founder in terms of votes and shares after China and India, which hold 26.06% and 7.5% of votes accordingly. AIIB will be headquartered in Beijing. The financial institute will start operations already by the end of this year. Read more