The AIIB is an international financial institution proposed by China. The new bank aimis to invest in infrastructure projects in the Asia-Pacific region. The bill establishing the bank with a registered capital of up to $100 billion was signed by 21 countries in October 2014. March 31, 2015 has been set as the deadline for accepting founding members to the AIIB. On Saturday, Russian Deputy Prime Minister Igor Shuvalov announced that Russia plans to join the new bank.
Li who is Professor of Economics and Director of the Center for China in the World Economy (CCWE) at Tsinghua University's School of Economics and Management (SEM) told RIA Novosti that Russia’s AIIB membership will not only allow Russian companies to take part in ambitious infrastructure projects in the region, but create vast opportunities for more foreign investments in Russian economy.
The Chinese expert also expressed firm belief that Russia will be an important player in the newly-created financial institution.
The AIIB is seen by many experts as an alternative to Western-led financial institutions such as the World Bank and the International Monetary Fund. The new regional bank, and, namely, its ability to “meet international standards of governance and transparency” has raised concerns in Washington. However, a number of major European economies, including the United Kingdom, France and Germany decided to join the venture.