AIIB to start operating by year's end - bank chief
TBILISI. Aug 26 (Interfax) - The Asian Infrastructure Investment Bank (AIIB) will begin operations before the end of 2015, AIIB president Jin Liqun said following the sixth round of negotiations among delegations from 57 founding countries of the bank in Tbilisi on August 24-25, Georgia's Finance Ministry reported.
The bank will hopefully begin operations before the end of this year and the results it achieves in future will be an example for all regions, the ministry reported Jin Liqun as saying.
The agreement to establish AIIB was signed in October 2014 by China and 20 other Asian countries: Bangladesh, Brunei, Cambodia, India, Kazakhstan, Kuwait, Laos, Malaysia, Mongolia, Myanmar, Nepal, Oman, Pakistan, the Philippines, Qatar, Singapore, Sri Lanka, Thailand, Uzbekistan and Vietnam.
In June 2015, 50 countries signed an agreement on the founding of the bank, beginning preparations for the launch of its operations, including hiring of staff. Another seven potential founding countries plan to sign on to the agreement before the end of 2015.
The AIIB's founding documents stipulate that its regional shareholders - 37 countries, including Russia - will own 75% of its capital and non-regional nations - currently 20 countries, including Brazil, Germany, France and the UK - will hold 25%.
The regional shareholders will also have the right to access the bank's resources. Russia is hoping to raise money from the new bank for the development of the Far East and regions bordering China. Russian Finance Minister Anton Siluanov has already said that Russia plans to propose that the AIIB finance the projects of Russian companies seeking money from the National Welfare Fund. The projects of state oil major Rosneft would clearly be of interest to the AIIB and the New Development Bank, he said.