Russian representative to join Asian Infrastructure Investment Bank board

BEIJING, June 29. /TASS/. The representative of Russia will join the Board of Directors of the Asian Infrastructure Investment Bank (AIIB), the Deputy Finance Minister Sergey Storchak told TASS Monday after signing the agreement on Bank’s creation. "Russia will take part in the Bank's management. We will have a real opportunity to appoint a director from Russia, as our share in the bank’s capital exceeds 6%. Although, according to the AIIB charter, the Board of Directors is not a council that permanently resides in the head office, it will nonetheless have very wide powers," he said. On Monday, June 29, Russia signed an agreement on creating the Asian Infrastructure Investment Bank (AIIB), becoming the third founding country for the voting share of this international financial institution. Russia was represented by the Deputy Finance Minister Sergey Storchak who signed the document. Russia became the owner of 65,362 shares of the bank, receiving 5.92% of the vote. China and India got a voting share of 26.06% and 7.5%, respectively. A source in the Russian delegation told TASS the representatives of 50 countries have already signed the document, while another seven founding countries will ink it after undergoing a ratification procedure. These countries are Kuwait, Malaysia, the Philippines, Thailand, Denmark, Poland and South Africa. In an interview with TASS, Russian Deputy Economic Development Minister Stanislav Voskresensky said the bank would operate in line with the principles similar to those of the European Bank for Reconstruction and Development (EBRD), and the financing of the first projects is expected in 2016. The charter capital of the future financial institution will be $100 bln. The share of the Asian countries should not exceed 75%; participants from other regions have 25% of the capital. The charter capital divides into 1 mln of shares worth $100,000 each. Headquartered in Beijing, the bank is expected to start operation in late 2015. Read more