The Board of Directors of the Asian Bank of infrastructure investments plans to approve first loans until the end of 2016. Conditions of crediting of projects at the expense of the AIIB will be determined.
BEIJING, 17 Jan. Assistant to the Minister of Finance of Russia Timur Maximov joined the Board of Directors of the Asian infrastructure investment Bank (AIIB), reported to journalists the Deputy Minister of Finance of the Russian Federation, Deputy Manager from Russia to ABII Sergei Storchak.
The Board of Directors, which consists of representatives of the member countries of the Bank will determine the terms of lending projects at the expense of the AIIB will continue to select these projects.
President ABII Jin Liqun, who heads the Board of Directors, said Sunday that the Bank plans to approve the first loans by the end of this year.
Representatives of 57 countries-founders of AIIB on Saturday in Beijing gave the official start of operation of the Bank. The Bank President was elected former Deputy Minister of Finance of China Jin Liqun.
Russia is the third largest party in the Bank after China and India, having received a 5.92% stake in equity. China and India possess 26,06% and 7.5% in the capital of the AIIB, respectively. The headquarters of the Bank established to Finance infrastructure projects in the Asia-Pacific region, is located in Beijing. The stated capital of the Bank amounts to $ 100 billion.
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