China and 20 other countries sign MOU on regional bank

BEIJING, China, Oct 24 – 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.

The institution, whose development has been driven by China and which is widely expected to have initial capital of $50 billion, it intended to address the region’s burgeoning demand for transportation, dams, ports and other facilities, officials say.

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