China will not have veto right in Asian Infrastructure Development Bank - Deputy Finance Minister

BEIJING, June 29. /TASS/. China will not have a veto right in the Asian Infrastructure Development Bank (AIIB), Deputy Finance Minister Sergey Storchak told TASS on Monday after the signing ceremony of the bank’s establishment. "This is not a UN agency. Charter documents clearly determine all the decision-making in the bank. Parameters are indicated there, from simple majority to special majority and supermajority. An allegation the Chinese side will block development of the institute by relying on its stake in the capital have no substance," Storchak 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