Russia has become a co-founder of Asian Infrastructure Investment Bank

The co-founders of China’s project, Asian Infrastructure Investment Bank (AIIB), have approved Russia’s application to join the bank as a co-founder.

According to China’s Finance Ministry, on Apr 14 Egypt, Norway and Russia will officially become co-founders of the AIIB.

As was earlier reported by EAD, Russia’s decision to join the bank was first announced by Russian Prime Minister Igor Shuvalov at an economic forum in Boao, China. The application was filed on Mar 30, a day before the deadline.

The AIIB was founded in Oct 2014 on China’s initiative by 21 countries. The headquarters are located in Beijing. The mission of the bank is to finance infrastructure projects in the Asia-Pacific. The authorized capital of the AIIB is $100bn.