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Russia Joins the Asian Infrastructure Investment Bank
April 6, 2015 08:11


Russia decided to join the Asian Infrastructure Investment Bank (AIIB) founded at the initiative of China.

This was reported on Saturday, March 28, by RIA “Novosti” with the reference to the First Deputy Prime Minister Igor Shuvalov. “I would like to inform you on the decision made by the President of Russia (Vladimir Putin) to participate in the capital of the Infrastructure Investment Bank” - Shuvalov told at the Asian Economic Forum held in the Chinese province of Hainan.

The Asian Infrastructure Investment Bank was founded in 2014, its purpose is the financing of infrastructure projects in the Asia-Pacific Region (APR). The first memorandum on this project was signed in October 2014 in Beijing. The list of the co-founders of the bank is to be published on March 31. The agreement on the foundation of the bank will be effective by the end of 2015, 27 countries have already joined it, 20 of them are APR states. In March a number of European countries, including Britain, France, Germany, Italy, Switzerland and Luxembourg, decided to become the members of AIIB. The charter capital of AIIB should reach $ 100 billion, the initial share capital - 50 billion dollars. The company’s headquarters will be located in Beijing.

Previously the opinion was expressed that AIIB would compete with the International Monetary Fund and the World Bank dominated by the US and Japan. At the same time the Head of the IMF, Christine Lagarde, stressed the fact that the fund had a space for cooperation with the bank created by China.



Author: Anna Dorozhkina

Tags: Russia International Russian banks    

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