South Korea to decide on joining China-backed bank by end-March

[SEOUL] South Korea will decide by the end of this month on whether it will join the China-backed Asian Infrastructure Investment Bank (AIIB), Finance Minister Choi Kyung-hwan said on Thursday.

More than 20 countries including Germany, Britain and India have decided to participate in the bank, while South Korean officials have remained tight-lipped in recent weeks over its possible membership.

The finance minister's comments were made to reporters on the sidelines of a press event in Seoul.

The United States, one of South Korea's closest allies, has urged countries to think twice before joining the bank, which Washington sees as a rival to the Western-dominated World Bank.

REUTERS