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Russia United With Several Countries in AIIB Board of Directors For Voices Distribution

19.01.16

Russia united with several countries in the Asian Infrastructure Investment Bank (AIIB) Board of Directors for voices distribution.

“Russia is not the only country that has done it,” noted Minister of Economic Development of Russia Alexey Ulyukaev appointed as a Governor from Russia in AIIB. “It is a normal practice. The countries are united into groups. The same thing is in the World Bank and in the EBRD when our country is united with others.”

According to the Minister not all the states have completed domestic procedures. That is why the group in which Russia is included has not been created yet formally. Nevertheless, four states are ready to join it: besides Russia Kazakhstan, Iran and Tajikistan. “This group will consolidate the second largest package, about 13% that will allow the group to influence management decisions since the basic decision is taken according to the amount of shares controlled,” noted Russian Minister.

He believes that AIIB will begin to consider the first applications in the second quarter. “The management assured us that all organizational procedures would be completed in the first quarter and AIIB would be ready to consider projects,” Alexey Ulyukaev said.

However he thinks that it is early to talk about funding any Russian projects. “But it is obviously that it will be infrastructural projects connected with highway and railway construction. We would like to work with the projects that we, China and EEU are interested in,” explained Minister of Economic Development of Russia.

According to his words the specialists are working at combining two integration projects: EEU and Silk Road Economic Belt. It is quite reasonable that these infrastructural projects will be considered.

Besides this entails energy facilities of Russian Far East and Siberia. “By the time the Bank begins to consider the projects we shall have prepared the package,” said Minister of Economic Development of Russia and noted that our country had all opportunities to be among the first ones that would begin working with AIIB. However in Alexey Ulyukaev’s opinion, it is early to talk about the conditions under which the Bank will provide loans.

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