Timor Maximov, an aide to the Russian finance minister, has been appointed a member of the board of directors of the Asian Infrastructure Investment Bank (AIIB), Russian Finance Minister Sergei Storchak told journalists on Sunday. “Timur Maximov has been appointed a director form Russia,” he said.
The bank’s launching ceremony and first meetings of its structural divisions were held in Beijing on January 16 through 18.
The bank’s board of directors includes 12 directorates, with each of them representing a group of countries. Russia is in the same group with three more countries, namely Kazakhstan, Tajikistan and Iran. The board of directors will approve projects to be financed by the bank and will works out criteria for extending such loans.
The establishment of the Asian Infrastructure Investment Bank was initiated by China. The bank’s mission is to solve infrastructure problems in economic development of Asian countries. On Saturday, China’s President Xi Jinping officially opened the AIIB. Chinese former Deputy Finance Minister Jin Liqun was elected the Bank’s President, and Finance Minister Lou Jiwei was elected chairman of the board of governors. Each of the member countries will have one representative on the board of governors.
Russia’s Minister of Economic Development Alexey Ulyukayev has been appointed a Russian representative. As of today, according to Storchak, 30 out of the bank’s 57 member countries have already appointed their representatives on the board of governors. Under the bank’s charter, the board of directors is chaired by the AIIB president. “Neither the members of the board of directors nor the members of the board of governors will be paid wages,” Strochak said.
“It is their optional job to which they are appointed by their countries’ governments.
” 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 holds 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 U.S. dollars. 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 U.S. dollars each. The bank is headquartered in Beijing.