Russian deputy prime minister, Igor Shuvalov, said that Russia dos not consider the China-led Asian Infrastructure Investment Bank (AIIB) as an alternative to the World Bank or the International Monetary Fund (IMF).
BOAO (Sputnik) — Russia does not consider the China-led Asian Infrastructure Investment Bank (AIIB) as an alternative to the World Bank or the International Monetary Fund (IMF), the country's deputy prime minister, Igor Shuvalov, said on Saturday.
"I come across comments that somebody opposes the creation of this [AIIB] bank because he see it as an alternative to the World Bank and as new emerging financial system which can undermine the IMF. We do not even consider such an scenario," Shuvalov told reporters speaking at Boao Forum for Asia in the southern Chinese province of Hainan.
Earlier in the day, Shuvalov announced that Russia plans to join the AIIB.
The AIIB is an international financial institution proposed by China that aims 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.
The new regional bank has raised concerns in Washington as a potential competitor of Western-led financial institutions. On Tuesday, after United Kingdom, Italy, France and Germany announced their intention to join the AIIB, US Treasury Secretary Jacob Lew warned that IMF, the World Bank and other multilateral institutions may lose its credibility.
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