Russia may become the third largest participant in the Chinese-led Asian Infrastructure Investment Bank (AIIB) and could enter its board of directors, said Russia’s Deputy Minister of Economic Development Stanislav Voskresensky during an interview on Russian state-owned Rossiya-24 news channel on Wednesday.
“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 said.
Voskresensky said that this means that Russia will be able to influence the bank’s policy and offer projects for the bank to fund.
The Asian Bank for Infrastructure Investment (AIIB), established in 2014 by China, will finance infrastructure projects such as construction of roads, railways, and airports in the Asia-Pacific Region.
The initial capital of AIIB will start at $50 billion with plans to increase capital to $100 billion. The bank, with its headquarters located in Beijing, is expected to begin operations by the end of 2015.
Founding members of the AIIB has reached 57.
Russia officially became a founding member of the AIIB on April 14, 2015.
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