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Asian Infrastructure Investment Bank to provide loans of up to $15 bln annually

December 02, 2015, 10:44 UTC+3 BEIJING
About 30 countries are waiting to obtain the status of membership in AIIB
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© ITAR-TASS/Natalya Medvedeva

BEIJING, December 2. /TASS/. Asian Infrastructure Investment Bank (AIIB) over the next five years will provide $10 to $15 bln loans annually, AIIB President Jin Liqun said Wednesday.

Earlier, Deputy Minister of Economic Development Stanislav Voskresensky told TASS that the financing of the first projects involving AIIB could begin in 2016. It is expected that Russia's participation in AIIB will allow the bank to raise funds for the implementation of large investment projects on the territory of the country.

According to the AIIB president, the bank will develop successfully only with active participation of European countries. "The Bank should not be limited to Asian countries, AIIB will be successful only if European countries join," Jin Liqun said. "About 30 countries are waiting to obtain the status of membership in AIIB, which will increase the bank's capital," he added.

As TASS reported earlier, according to the Russian Accounts Chamber draft amendments to the budget of the Russian Federation for 2015, Russian contributions in 2015 to the authorized capital of the Asian Infrastructure Investment Bank (AIIB) amount to 17.96 bln rubles ($289.7 mln), to the authorized capital of the New Development Bank - 12.6 bln rubles ($202.8 mln).

Within the framework of the subprogram "Development of the international financial and economic cooperation of the Russian Federation" the draft law includes increase in budgetary allocations to 30.6 bln rubles ($492.14 mln) to the Russian Finance Ministry, which includes contributions to the AIIB authorized in the amount of 17.96 bln rubles ($289.7 mln), and 12.6 bln rubles ($202.8 mln) to the authorized capital of the New Development Bank, the Russian Accounts Chamber said.

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.

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