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China-led AIIB gets backing of World Bank and the UK

Support from these parties reverses the hitherto cool reception to development bank

FINANCING NEEDED: Mr Kim said that as monetary policy normalises in the US and elsewhere, fresh sources of funding will be needed.


WORLD Bank president Jim Yong Kim came out strongly in support of the proposed China-led Asian Infrastructure Investment Bank (AIIB) on Friday, after Britain declared that it would become a "prospective founding member" of the bank, the first Western country to do so.

Mr Kim