Mon 01 2016 09:09:35
Tashkent, Uzbekistan (UzDaily.com) -- An opening ceremony of the Asian Infrastructure Investment Bank (AIIB) was held in Beijing, China, on 16 January 2016. Uzbekistan is one of the founders of the bank along with 57 countries. The AIIB was initiated by the China and it will finance infrastructure projects in Asia. The AIIB will have authorized capital of US$100 billion. China, India and Russia are largest shareholders. China will possess 30.34% stake in the bank, India – 8.52% and Russia – 7.5%. Asian countries will contribute up to 75 percent of the total capital and be allocated a share of the quota based on their economic size. The bank plans to open its regional structures and representative offices. The Director of the AIIB will be elected from representatives of Asian members for five years with opportunity to be re-elected to another five-year term. It is expected that in next five-six years, the AIIB will allocate loans for US$10-15 billion a year. Jin Liqun has been elected as the first president of Asian Infrastructure Investment Bank (AIIB).