Russia to subscribe to 150 million dollars IBRD shares

Published Oct. 10, 2014 at 7:31 pm

Russian Prime Minister Dmitry Medvedev speaks at a meeting of the expanded board of the Ministry of Finance in Moscow on April 15, 2014. Medvedev estimated on April 15 that Russia's growth was established at 1 percent in one year at the first trimester, underlining that the country's economic situation was deteriorating.

Photo by AFP PHOTO / RIA NOVOSTI / POOL / ALEXANDER ASTAFIEV

The Russian Finance Ministry will subscribe to up to 150 million dollars in International Bank for Reconstruction and Development (IBRD) shares in 2014-2016.

Russian Prime Minister Dmitry Medvedev has endorsed the move, which will enable Russia to honor its commitments under the second stage of the IBRD’s realignment of voting power in favor of developing countries and countries with a transition economy; and preserve Russia’s relative voting power.

Russia will subscribe to 6,651 shares for the IBRD’s selective capital increase and 14,023 for general capital increase, budgeting up to $59.14 million for this in 2014, $59 million in 2015 and $31.5 million in 2016.

Russia currently has a 2.27% voting stake and owns 2.38% of IBRD capital, the bank says in a report for H1 2014.