Russia may become third largest participant in China-led infrastructure bank

Several countries are queuing up to become members of the Asian Infrastructure Investment Bank

Russia could become the third largest participant in the China-led Asian Infrastructure and Investments Bank (AIIB) and enter its board of directors, RT.com cited Russian Deputy Minister of Economic Development Stanislav Voskresensky as saying.

“According to expert estimates, Russia ... claims to be the third largest participant, which means it could gain a seat on the board of directors,” Voskresensky was quoted as telling Rossiya-24 TV channel.

With the AIIB, China looks at financing infrastructure projects across the Asia-Pacific region. 21 countries including China, India and Singapore signed a Memorandum of Understanding last October to establish the bank and so far 27 countries have applied to join as founding members.  The UK and other EU members are also keen to join.

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