21 March 2016

    The Asian Infrastructure Investment Bank (AIIB) is set to visit Russia in the coming months to present opportunities to Russian companies. Stanislav Voskresensky, the Russian Deputy Minister of Economic Development, spoke to journalists about the visit.

    “A delegation from the bank will come to Russia in the next few months and hold a road show for companies here, detailing work with the bank and explaining how financing can be obtained,” he said.

    Voskresensky remarked that this comes as part of a search for new projects being launched by the AIIB, in particular within the transport, energy, and water sectors. “Nonetheless, the AIIB will be accepting proposals for projects across all sectors. We are looking at financing from AIIB of around USD 100–150 million,” the Deputy Minister said.

    He added that a working group has been set up in collaboration with the Ministry of Finance to promote joint projects with the AIIB. “A special email address has been created within the Ministry’s domain – aiib@minfin.ru. Our colleagues in the business world can send projects to this address, and we will work to promote them,” Voskresensky said.

    The AIIB officially opened for business on January 16, 2016 in Beijing. The banks key’s mission is to overcome infrastructural barriers preventing economic development within the broader Asian region. The AIIB will offer a wide range of financial services, including lending, equity participation, guarantees, and technical assistance.

    As outlined in the agreement on the establishment of the AIIB, its authorized capital has been set at USD 100 billion. Russia took ownership of 65,362 shares in the bank, representing 5.92% of votes. This makes Russia the third largest country in terms of shares and votes in the company after China and India, who have 26.06% and 7.5% of votes respectively. The five largest founders among the 57 country members by volume of invested capital are China, India, Russia, Germany, and South Korea.

    Source: http://tass.ru (Russian)