China launches ​new ​Asian Infrastructure Investment Bank

    China launches ​new ​Asian Infrastructure Investment Bank

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    China launched World Bank’sChina, India among 21 countries moved forward on ​f​riday towards setting up an Asian infrastructure lender seen as a counterweight to Western-backed international development banks.  China’s proposed US$50 billion Asian Infrastructure Investment Bank (AIIB) is seen as a challenge to the World Bank and Asian Development Bank, both multilateral lenders that count Washington and its allies as their biggest financial backers. The institution is intended to address the region’s burgeoning demand for transportation, dams, ports and other facilities.

    The AIIB, launched in Beijing at a ceremony attended by Chinese finance minister Lou Jiwei and delegates from 21 countries including India.

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