China’s Ex-Deputy Finance Minister Jin Liqun elected President of Asian Infrastructure Investment Bank - Russia’s Deputy Finance Minister

TBILISI, August 24. /TASS/. China’s Ex-Deputy Finance Minister Jin Liqun was elected to the office of the President of the Asian Infrastructure Investment Bank (AIIB), Russia’s Deputy Finance Minister Sergei Storchak said on Monday in an interview with TASS. "The candidate of China [Jin Liqun] was elected as the president. We joined the consensus on this matter," Storchak said, adding that the candidate from Russia also made a descent speech, perceived well by representatives of founding nations. "The proactive dialog among candidates and heads of delegations facilitated work and active participation of representatives of founding members in discussion of the bank’s mission and its further policy," Storchak said. The AIIB is expected to start operations in December 2015. The agreement on setting up the Asian Infrastructure Investment Bank was signed by 57 countries in late June 2015 in Beijing. China holds 26.06 percent of votes in board of directors, India - 7.5 percent and Russia - 5.92 percent. The AIIB will be headquartered in China’s capital Beijing. The starting capital will stand at $50 billion and can be later increased to $100 billion. Read more