Russia Nominates Norilsk Nickel Vice President Bougrov as AIIB Head

Andrei Bougrov previously participated in the establishment of the European Bank for Reconstruction and Development (EBRD).

MOSCOW (Sputnik) — Russia has officially nominated the vice president of the country's metallurgical and mining giant Norilsk Nickel, Andrei Bougrov, to the post of president of the Asian Infrastructure Investments Bank (AIIB), the Russian Finance Ministry said Thursday.

"After completing a successful career in the Ministry of Foreign Affairs, Andrei Bougrov participated in the establishment of the European Bank for Reconstruction and Development (EBRD), and then worked for nine years as executive director on behalf of Russia at the World Bank Group,” the statement said.

It added that Bougrov, who currently services on the boards of directors of a number of major Russian and foreign companies, had extensive knowledge in the field of international financial relations.

The AIIB, a China-led financial institution, was set up primarily to invest in infrastructure projects in the Asia-Pacific Region. The AIIB is expected to commence operations by the end of 2015.

The three major shareholders of the AIIB are China with 30.3 percent, India with 8.5 percent and Russia with 6.7 percent of the bank’s shares, with voting-rights apportioned in roughly the same way.

Earlier this month, China nominated former Deputy Finance Minister Jin Liqun as president of the AIIB. Jin Liqun is also incumbent AIIB secretary general of the Multilateral Interim Secretariat.