Kazakhstan gets the deputy director position in the ABII Board of Directors

Almaty. January 27. Silkroadnews - Kazakhstan receives the position of the deputy director in the Board of Directors of Asian Infrastructure Investment Bank (ABII), KazTAG reports.
“Being in the same group with Russia and Tajikistan Kazakhstan receives the position of Deputy Director in the Board of Directors,” - said the Ministry of National Economy of Kazakhstan.
ABII management structure consists of three levels: the Board of Governors, Board of Directors and management. In particular, the Board of Governors of the bank will be presented by the ministers of each country, including Kazakhstan that will be represented by the Minister of National Economy. Elections to the ABII administrative staff are held on a competitive basis, in connection with which the representatives of Kazakhstan may occupy different positions in ABII through competitive selection procedures, the ministry of the national economy said.
ABII has been established in Beijing on December 25, 2015, to finance infrastructure projects within the framework of “Economic belt of the Silk Road” concept, providing for the large-scale investments in infrastructure and related projects in a number of countries through which the trade flows between Europe and Asia pass.
The company’s headquarter is located in Beijing. The authorized capital is $100 billion. The largest share of votes in the bank board of directors are split between China (26.06%), India (7.5%) and Russia (5.92%).
Kazakhstan’s share in the bank’s authorized capital will amount to 0.7293% of the shares in the value of $729.3 million.
Kazakhstan will purchase shares of the Asian Infrastructure Investment Bank in 5 installments over 5 years by 20% of the amount paid. As a payment for the annual membership fees in ABII Kazakhstan will allocate 5396,45 million KZT.