Russia signs deal on setting up Asian Infrastructure Investment Bank

Russia signed an agreement on Monday on creating the Asian Infrastructure Investment Bank (AIIB), becoming the third founding country for the voting share of this international financial institution.

Russia signed an agreement on Monday on creating the Asian Infrastructure Investment Bank (AIIB), becoming the third founding country for the voting share of this international financial institution.

Moscow was represented by Deputy Finance Minister Sergey Storchak who signed the document.

Russia has 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.

First published by TASS.

All rights reserved by Rossiyskaya Gazeta.

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