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S Korea decides to join China-proposed Asian bank
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IANS | 27 Mar, 2015
South Korea on Thursday decided to join the China-proposed Asian
Infrastructure Investment Bank (AIIB) as one of prospective founding
members, the country's finance ministry said.
The ministry of
strategy and finance said in a statement that the South Korean
government decided on it after holding discussions on the issue among
related ministries, before sending a letter about the decision to China,
Xinhua news agency reported.
If South Korea is allowed by other
prospective founding members to join the AIIB, the country is expected
to sign a formal agreement on it around June, before finally becoming
one of the founding members of the AIIB, according to the ministry.
The
AIIB is a newly-launched multilateral development bank to help finance
infrastructure projects in Asia for sustainable growth and social
development in the region, the ministry said.
According to the
Asia Development Bank (ADB) data, Asia's infrastructure demand is
expected to reach some $730 billion per year by 2020, but the supply of
investment funds from the World Bank and the ADB falls far short of the
demand.
Thus, the AIIB aims to strengthen economic and financial
cooperation among countries in the region and pioneer economic
development by focusing on providing funds for regional development, the
ministry said.
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