China-backed AIIB puts Russia and Belarus lending ‘on hold’ over war in Ukraine
- Russia is a founding member and shareholder of the Beijing-based lender, holding a 6.7 per cent stake
- China is the biggest member, with a 30 per cent holding in the AIIB, which is seen as a potential rival to the World Bank
“As the war in Ukraine unfolds, the Asian Infrastructure Investment Bank (AIIB) extends its thoughts and sympathy to everyone affected. Our hearts go out to all who are suffering,” read a statement published on the website of the Beijing-based lender.
Russia is a founding member of the development bank, holding a 6.7 per cent share in its capitalisation.
Neither Ukraine nor Belarus are members of the bank, which was founded in 2016 and seen by some as a potential rival to the US-backed World Bank.
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“AIIB stands ready to extend financing flexibly and quickly and support members who have been adversely impacted by the war, directly or indirectly,” read the statement.