Moscow Entitled to Several Positions in China-Led AIIB Management

Russia, a prospective founding member of the China-led Asian Infrastructure Investment Bank (AIIB), will be eligible to several management positions due to its economic performance, Russia’s ambassador to Beijing said Saturday.

BEIJING (Sputnik) – Russia hopes that its representatives will actively work on all positions in the AIIB, the ambassador to China added.

“Russia would be among AIIB’s top five leading countries, at least, that's why it would be entitled to a corresponding voting share and thus to a corresponding share in the bank’s management. It is a normal practice in the banking sphere…,” Andrey Denisov told RIA Novosti on the sidelines of the World Peace Forum underway in Beijing.

He noted that Russia’s decision to join the AIIB has "a very concrete and tangible value," and not just a political gesture or an expression of solidarity.

“First of all it is understanding of our interests and their realization through joining this financial institution. The need for infrastructure construction in the Asia-Pacific region is estimated to be very strong… Currently operating financial institutions such as the World Bank and the IMF cannot offer enough resources.”

The AIIB is an international financial institution proposed by China to invest in infrastructure projects in the Asia-Pacific region. The bill establishing the bank was signed in October 2014. According to the bank's website, there are 57 AIIB prospective founding members.

The bank is seen as an alternative to Western-led financial institutions such as the World Bank and the International Monetary Fund.