Putin invites AIIB to participate in Russian projects
Russian President Vladimir Putin invited the Asian Infrastructure Investment Bank (AIIB) to participate in the development of national projects in Russia.
“We can offer a number of projects: railway system expansion, developing infrastructure along the Northern Sea Route and in special economic zones of the [Russian] Far East,” said Putin at a meeting with the AIIB President Jin Liqun on Wednesday.
The Russian President also expressed the hope that the AIIB would play an important role in the global financial system complementing the International Monetary Fund (IMF).
The AIIB head came to Sochi to take part in the ASEAN-Russia Summit that will be held on May 19-20.
China officially launched the AIIB in January – a bank which is seen as an emerging rival to powerful Western-led financial institutions such as the World Bank, the Asian Development Bank and the International Monetary Fund.
The AIIB – that was founded in October 2014 - is part of Beijing’s efforts to change the unwritten rules of global development finance.
It was created to invest in infrastructure projects in the Asia-Pacific region. In October 2014, the Articles of Agreement establishing the bank were signed by 21 states.
The China-led bank has 57 members from Asia, Europe, Latin America, Africa and Oceania. Along with China, India and Russia have received the largest share of votes on the board of directors.
Despite opposition from Washington, many US allies including Australia, Britain, German, Italy, the Philippines and South Korea have agreed to join the AIIB in recognition of China's growing economic clout.
Authorities have said that the bank aims to provide financial facilities for a chain of development projects including the construction of dams, ports, power plants and telecommunications networks across Asia.
The AIIB is headquartered in Beijing and its lean structure will be overseen by an unpaid, non-resident board of directors which, architects say, would save it money and friction in decision-making.
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