11:24 GMT30 November 2020
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    China's World Bank: Opportunity or Threat? (57)
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    The transparency of management is important for the China-led Asian Infrastructure Investment Bank (AIIB), Russian President Vladimir Putin said Saturday.

    TOKYO (Sputnik) — Earlier in the day, the Russian president held a meeting with the heads of major international news agencies in Russia's second largest city of Saint Petersburg.

    "Russia has been demonstrating its participation in AIIB [activity], however, it [Moscow] expressed a certain understanding of Japan's and the Unites States' worries about the lack of transparency in the management of AIIB," Putin was quoted as saying by the Japanese Kyodo news agency.

    The Russian leader also added that "transparency is vital."

    The AIIB is an international financial institution proposed by China to invest in infrastructure projects in the Asia-Pacific region.

    In October 2014, the bill establishing the bank was signed by 21 states. Currently, there are 57 prospective founding members in the financial organization, including Russia, according to the bank's website.

    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.

    China's World Bank: Opportunity or Threat? (57)


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