The government has authorized the issue and circulation in Russia of securities of a BRICS Bank and AIIB

The government has authorized the issue and circulation in Russia of securities of a BRICS Bank and AIIB


MOSCOW, March 14. The government has authorized the issue and circulation in Russia of securities of a BRICS Bank and Asian infrastructure investment Bank (AIIB). The corresponding order of the government signed on 11 March.

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“To establish that the New development Bank (NDB) and the Asian infrastructure investment Bank are international financial organizations, whose securities are admitted to placement and public circulation in the Russian Federation”, – stated in the document.

The agreement establishing the New development Bank was signed at the summit in the Brazilian city of Fortaleza in July 2014. Currently, the NBI management and Finance ministries of the BRICS countries are engaged in preliminary selection of projects for financing by the Bank.

Launch the AIIB was given in Beijing on 16 January 2016. The key mission of the Bank is overcoming the infrastructure constraints of economic development of countries in the Asian region. The scope of the AIIB will include a wide range of financial services: loans, equity, guarantees, technical assistance.

In accordance with the agreement establishing the AIIB, its authorized capital was $100 billion, Russia became the owner of 65 362 thousand shares of the Bank, having received a 5.92% of the vote. This allowed her to become the third in number of shares and votes country after China and India, which have received 26,06% and 7.5% of the vote, respectively. The top five co-founders in volumes of investments from 57 countries are China, India, Russia, Germany and South Korea.