Russian Government approved the draft Articles of Agreement of the Asian Infrastructure Investment Bank (AIIB).
Membership in the AIIB is open to all countries that are members of the International Bank for Reconstruction and Development or the Asian Development Bank. AIIB’s statutory documents stipulate that its regional shareholders (37 countries, including Russia) will control 75 percent of its capital, while extrarregional countries (20 countries, including Brazil, Germany, France and the UK, among others) will hold a 25 percent stake in AIIB’s capital.
AIIB will have a three-tier corporate governance system: the Board of Governors, the Board of Directors (of whom nine will be elected by the Governors representing regional members and three, by the Governors representing non-regional members), the President and Vice Presidents.
The AIIB will have its headquarters in Beijing, China.