Business news

Krutoi appointed Belarus' manager in AIIB

MINSK, 29 December (BelTA) - The Council of Ministers appointed Economy Minister Dmitry Krutoi Belarus’ manager in the Asian Infrastructure Investment Bank (AIIB), reads Resolution No.967 of the Council of Ministers from 28 December 2018, BelTA learned from the website of the government.

Finance Minister Maksim Yermolovich has been appointed deputy manager.

The Finance Ministry shall serve as official liaison with Asian Infrastructure Investment Bank.

The Finance Ministry shall be responsible for making payments to the AIIB in  form of share subscription using the funds of the national budget envisaged for this purpose.

The Asian Infrastructure Investment Bank (AIIB) was established upon China's initiative in 2015. Its charter capital is close to $100 billion. Since then the AIIB has financed 24 projects worth $4.5 billion. The bank intends to increase the average annual crediting volume up to $4-6 billion in the next few years and up to $10-15 billion later on. The bank has been established to pool resources of various countries for the sake of accomplishing complex infrastructure goals in Asia and beyond. The bank is headquartered in Beijing. The largest shareholders are China, India, and Russia. As many as 84 countries are represented in the Asian Infrastructure Investment Bank now. Belarus became member of the Asian Infrastructure Investment Bank in 2018.

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