MOSCOW, August 24. /TASS/. The candidates to head the Asian Infrastructure Investment Bank (AIIB) are due to present their programs in Georgia’s capital Tbilisi on Monday.
A source in the Russian delegation said the candidate to be elected will hold the position on an interim basis until the financial institution, which will focus on funding infrastructure construction in the Asia-Pacific region, is officially launched.
"The position is considered as an interim president, with the understanding that his position will transform to that of the first president upon the launch of the bank," the source explained.
Currently, there are two candidates for this post. China chose former Deputy Finance Minister Jin Liqun while Russia offered Vice President of Norilsk Nickel Andrey Bugrov.
The AIIB is expected to start operations in December 2015.
The agreement on setting up the Asian Infrastructure Investment Bank was signed by 57 countries in late June 2015 in Beijing. China holds 26.06% of votes in board of directors, India — 7.5% and Russia — 5.92%. The AIIB will be headquartered in China’s capital Beijing. The starting capital will stand at $50 billion and can be later increased to $100 billion.