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21 nations back new regional lender

Bank is intended to address burgeoning Asian demand for transportation, dams, ports and other facilities

Published Fri, Oct 24, 2014 · 09:50 PM
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Shanghai

CHINA and 20 other countries moved forward on Friday towards setting up an Asian infrastructure lender seen as a counterweight to Western-backed international development banks.

The signatories put their names to a memorandum of understanding to establish the Asian Infrastructure Investment Bank (AIIB) at a ceremony in the Great Hall of the People in Beijing.

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