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China not to borrow from AIIB at initial stage - deputy finance minister

January 16, 17:21 UTC+3 BEIJING
Earlier on Saturday, China’s President Xi Jinping opened officially AIIB
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BEIJING, January 16. /TASS/. Chine does not intend to apply for financial support from the Asian Infrastructure Investment Bank (AIIB) at the initial stage, the country’s Vice Finance Minister Shi Yaobin said on Saturday.

"Support of Chinese projects is not a key priority and objective of AIIB," he said adding there are other countries, which "require much more modernisation of infrastructures."

Earlier on Saturday, China’s President Xi Jinping opened officially AIIB.

"Being the initiator of AIIB, China is ready to support the Bank’s development," he said. "China will allocate $50 million to establish a fund to assist less developed participating countries in work on infrastructure projects."

During the inauguration meeting, Chinese Finance Minister Lou Jiwei was elected the Bank’s first Chairman of the Council, and former Deputy Finance Minister Jin Liqun was elected the Bank’s first President.

The Russian delegation featured Minister of Economic Development Alexei Ulyukaev and Deputy Finance Minister Sergei Storchak.

The Asian Infrastructure Investment Bank (AIIB), the first multilateral financial institution, was launched by China. The bank was formally established in late 2015 with 57 countries agreeing to be members, 19 of which are Asian states. The first batch of loans is expected to be approved by the middle of this year. The AIIB’s mandate will be to fund projects both inside and outside Asia: loans, participation in capital, bank guarantees, and technical assistance.

Russia owns 65,362 shares with 5.92% of the vote. Thus, it follows China and India, which have 26.06 and 7.5% of the vote respectively. The five biggest investors from the 57 participating countries are China, India, Russia, Germany and South Korea.

AIIB’s authorized capital is $100 billion. The share of Asian countries should not exceed 75%, while members from other regions make up 25% of the capital. The authorized capital is divided into one million shares worth $100,000 each. The bank’s headquarters are in Beijing.

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