MOSCOW, May 17. /TASS/. The appointment of a Russian representative as the vice president of the Asian Infrastructure Investment Bank (AIIB) will be considered on May 18 in Sochi at the meeting between President Vladimir Putin and head of AIIB Jin Liqun, presidential aide Yuri Ushakov told reporters.

He added that the meeting will be held on the margins of Russia-ASEAN summit.

"Granting Russia a vice president title is under consideration and it will be discussed at the meeting of the Russian President with Jin Liqun. I should tell you that we are promoting the candidacy of our trade representative in Beijing Alexei Gruzdev to this post," Ushakov said.

He stressed that China, India and Russia are the largest shareholders of AIIB.

The idea of setting up the AIIB comes from China; the first memorandum on this project was signed in October 2014 in Beijing. The bank was launched on January 16, 2016. The authorized capital of the financial institution amounts to $100 billion, the initial share capital is $50 billion.

The Russia-ASEAN (Association of South-East Asian Nations) summit will be held in Sochi on May 19-20 and will become the biggest international event in Russia in 2016. The summit will be held under the slogan "Towards Strategic Partnership for the Sake of the Common Good."

The summit is expected to adopt a declaration that will lay the basis for an action plan of Russia-ASEAN cooperation in the political, economic and cultural spheres, as well as in the sphere of security.

Russia has been a dialog partner of ASEAN since July 1996. Similar partnership summits are normally held on the territory of member-states and the choice of Sochi as venue for the Russia-ASEAN summit on the partnership’s 20th anniversary is symbolic.