Source: blogs.forbes.com - Sunday, March 29, 2015
Russia finally decided to join the Beijing led Asian Infrastructure Investment Bank (AIIB) this weekend, but top officials don’t see it ever replacing the Bretton Woods institutions led by the World Bank. Russian Deputy Prime Minister Igor Shuvalov said Saturday that Russia would join the roughly 23 countries that have already signed on as members of the $100 billion development bank. Shuvalov, whose government has no love affair with the west, said that AIIB was no replacement for the World Bank and International Monetary Fund. “I come across comments that somebody opposes the creation of this bank because they see it as an alternative to the World Bank and as new emerging financial system which can undermine the IMF. We do not even consider such a scenario,” Shuvalov told reporters at the Boao Forum for Asia, which ends today in Hainan province, southern China. ASTANA, KAZAKHSTAN – MARCH 20: Russian First Deputy Prime Minister Igor Shuvalov (L) and Presidential Advisor Yuri Ushakov (L) attends the congress of Russian Union of Industrialists and Entrepreneurs on March 20, 2015 in Astana, Kazakhstan.Russian President Vladimir Putin is in town for talks to investigate incepting a currency union between Kazakhstan Belarus and Russia. (Photo by Sasha Mordovets/Getty Images) The AIIB initiative came out of Beijing and was introduced to 21 charter members, all southeast Asian, back in October. The idea behind the bank is to help devel
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Russia finally decided to join the Beijing led Asian Infrastructure Investment Bank (AIIB) this weekend, but top officials don’t see it ever replacing the Bretton Woods institutions led by the World Bank. Russian Deputy Prime Minister Igor Shuvalov said Saturday that Russia would join the roughly 23 countries that have already signed on as members of the $100 billion development bank. Shuvalov, whose government has no love affair with the west, said that AIIB was no replacement for the World Bank and International Monetary Fund. “I come across comments that somebody opposes the creation of this bank because they see it as an alternative to the World Bank and as new emerging financial system which can undermine the IMF. We do not even consider such a scenario,” Shuvalov told reporters at the Boao Forum for Asia, which ends today in Hainan province, southern China. ASTANA, KAZAKHSTAN – MARCH 20: Russian First Deputy Prime Minister Igor Shuvalov (L) and Presidential Advisor Yuri Ushakov (L) attends the congress of Russian Union of Industrialists and Entrepreneurs on March 20, 2015 in Astana, Kazakhstan.Russian President Vladimir Putin is in town for talks to investigate incepting a currency union between Kazakhstan Belarus and Russia. (Photo by Sasha Mordovets/Getty Images) The AIIB initiative came out of Beijing and was introduced to 21 charter members, all southeast Asian, back in October. The idea behind the bank is to help develfrom Top News on RSS Feeds http://ift.tt/1CzSgsC
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