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Russia To Become Founding State Of China-Led Development Bank In Mid

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  • Russia To Become Founding State Of China-Led Development Bank In Mid

    RUSSIA TO BECOME FOUNDING STATE OF CHINA-LED DEVELOPMENT BANK IN MID-APRIL

    (c) AFP 2015/ Takaki Yajima /POOL
    BUSINESS
    15:03 31.03.2015(updated 16:07 31.03.2015) Get short URL
    597100
    China's State Council said in a statement that Russia would become a
    founding member of the Asian Infrastructure Investment Bank (AIIB) led
    by China on April 14 if all existing members approved this decision.

    (c) AP PHOTO/ MICHEL EULER
    Moscow's AIIB Membership to Bring More Foreign Investments in Russia
    BEIJING (Sputnik) -- Finland is also set to become the founding member
    country of the Asian Infrastructure Investment Bank in the middle of
    April, Chinese State Council said Tuesday.

    The AIIB is an international financial institution hosted by China
    to invest in infrastructure projects in the Asia-Pacific region. A
    bill establishing the bank with a registered capital of up to $100
    billion was signed by 21 countries in October 2014.

    "Russia and Finland will become founding members on April 14 and
    April 12, respectively, should all existing members approve," the
    Council said in a statement published on its website.

    (c) SPUTNIK/ SERGEY GUNEEV Boosting Bilateral Ties: Russia Vows to
    Join Chinese-led Development Bank Both Moscow and Helsinki applied
    to join the AIIB on March 30, a day before the deadline.

    The bank has 45 member states, with March 31 being the deadline for
    applications to become a founding member.

    The creation of the AIIB has attracted numerous countries across the
    world, including the United Kingdom, Australia, India and Saudi Arabia.

    The Chinese-led project has raised concerns in the United States
    that it would create competition for Western financial institutions,
    with Washington reportedly exerting diplomatic pressure to stop its
    allies from joining the bank.

    Read more:
    http://sputniknews.com/business/20150331/1020254816.html#ixzz3VyPxcuI4

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