FX.co ★ Russia becomes AIIB third largest member

Russia has made another achievement. The country has become one of the three largest members of the Asian Infrastructure Investment Bank (AIIB). The new financial organization unites representatives of 57 countries. China, India, and Russia received the majority of votes: 20.06%, 7.5%, and 5.92%, respectively. The agreement on the AIIB establishment was signed in Beijing. Three hundred delegates from the member countries attended the ceremony at the Great Hall of the People. During the meeting, mechanisms of making decisions, management structure, and members’ shares in the capital were accepted. China holds 30.34% of the bank’s shares; India, 8.52%; and Russia, 7.5%. Russia’s ambassador to China Andrey Denisov hopes that Russian representatives would actively work on all positions at the AIIB. He also added that the point is whether Russia has enough qualified people to take all the vacancies that will be given to the country. Taking into account the size of the AIIB, it is not surprising that International Monetary Fund Managing Director Christine Lagarde has already announced their cooperation. Pundits already name the Asian Infrastructure Investment Bank a full-fledged competitor of the International Monetary Fund and the World Bank located in the US. Secretary of the Treasury Jacob Lew warned that the WB and the IMF may lose trust.