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373568
Mon, 07/06/2015 - 14:22
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AIIB to help boost investment in Russian infrastructure projects - finance minister

MOSCOW, July 6. /TASS/. The establishment of the Asian Infrastructure Investment Bank (AIIB) will help increase investment in Russian infrastructural projects, Finance Minister Anton Siluanov said on Monday. "In our view, the creation of multilateral development banks like the AIIB will be a step towards further increasing the volume of financing for our infrastructural projects," Siluanov said at the 6th dialog of the finance ministers from Russia and China. "It is not a secret that all of us are interested in implementing the Silk Road project and developing our regions," the Russian finance minister said. The Asian Infrastructure Investment Bank is an international financial organization established to stimulate financial interaction in the Asia-Pacific region, implement infrastructural projects and also expand integration processes. The AIIB project was initiated by China. The idea of establishing this bank was put forward by Chinese leader Xi Jinping in October 2013. Under the AIIB Foundation Agreement, the bank will have an authorized capital of $100 billion. The total share of Asian nations should not exceed 75 percent while participants from other regions of the world will account for 25 percent of the bank’s capital. The AIIB’s authorized capital will be divided into 1 million shares worth $100,000 each. The AIIB will be headquartered in Beijing. The financial institution will start its work already by the end of this year. The bank’s five major founding nations by investment are China, India, Russia, Germany and South Korea. Read more

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