21 nations back new regional lender
Bank is intended to address burgeoning Asian demand for transportation, dams, ports and other facilities
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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