Asian Infrastructure Investment Bank to hold 7th annual meeting in Russia

The board of governors of the Asian Infrastructure Investment Bank (AIIB) announced on Thursday that its seventh annual meeting will be hosted next year by Russia.

"With Russia as one of AIIB's largest shareholders, it is time for us to hold our annual meeting in such an important member," said AIIB Vice-President and Corporate Secretary, Ludger Schuknecht.

"Through this event, we expect to establish stronger connections with Russia's business and policy community to help AIIB better serve its members," he said.

"We are actively working with the bank to expand our project pipeline in transport, financial and energy sectors. We would like to develop cooperation with the bank and attract its expertise in green infrastructure projects, healthcare, SMEs inclusion, digitalization in the post-COVID period," said Maxim Reshetnikov, Minister of Economic Development of the Russian Federation.

He also noted that the AIIB has already made significant progress in high-quality infrastructure development that is crucial for the economic growth of all member countries in times of growing interdependence among regions.

To date, AIIB has approved two projects in Russia across the finance and transport sectors, totaling $800 million.

The resolution confirming Russia as the 2022 AIIB annual meeting host was made during the bank's sixth annual meeting, hosted virtually by the United Arab Emirates.

The AIIB is a multilateral development bank. Headquartered in Beijing, it began operations in January 2016 and has since grown to have 104 approved members worldwide.