Russia submits 16 projects in Far East worth $8 bln to AIIB

SOCHI, May 19. /TASS/. Russia has submitted 16 projects in Far East totally worth $8 bln to the Asian Infrastructure Investment Bank (AIIB) for consideration, Russia's Minister for the Development of the Far East Alexander Galushka said at the Russia-ASEAN summit on Thursday. "Yesterday’s talks with AIIB president were very successful. We submitted 16 projects backed by the Far East Development Fund as co-investor. Those are projects worth a total of $8 bln that have undergone the fund’s examination," he said. According to Galushka, the Far East Development Fund is ready to invest up to 10% of funds needed for those projects and share AIIB's risks. "Besides, we submitted the projects on development of international transport corridors Primorye-1 and Primorye-2 as projects potentially eligible for AIIB participation. We also informed our partners from the bank about priority development areas and the Vladivostok free port, and invited AIIB to join the project of developing the Northern Sea Route in early stage," he added. 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