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China Rebuffs N Korea’s Bid to Join Beijing-led Development Bank – Reports

© AFP 2023 / Takaki Yajima /POOLDelegates attend a signing ceremony of the Asian Infrastructure Investment Bank at the Great Hall of the People in Beijing. (File)
Delegates attend a signing ceremony of the Asian Infrastructure Investment Bank at the Great Hall of the People in Beijing. (File) - Sputnik International
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The Asian Infrastructure Investment Bank has raised concerns in Washington as a potential competitor of Western-led financial institutions. The picture for the IMF, World Bank and other international money lenders further clouded after the UK, Italy, France and Germany said they wanted to join.

Russia has signaled its readiness to take part in the China-led Asian Infrastructure Investment Bank (AIIB) - Sputnik International
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Boosting Bilateral Ties: Russia Vows to Join Chinese-led Development Bank
MOSCOW (Sputnik) — China turned down North Korea's application to join the Asian Infrastructure Investment Bank (AIIB), Chinese diplomatic sources told the Emerging Markets news website.

A North Korean envoy reportedly approached in February the Chinese president of the Beijing-led bank – created to rival the World Bank – only to be turned away after Pyongyang failed to disclose sufficient information on the state of the country's economy and finances.

China's answer was "no way," sources told the Emerging Markets, adding it came as a shock to Pyongyang. North Korea has been receiving money loans from China, but Beijing said it will have to repay AIIB credits, since it is not an "institution set up to disburse grants."

China's President Xi Jinping (4th R) meets with the guests at the Asian Infrastructure Investment Bank (AIIB) launch ceremony at the Great Hall of the People in Beijing in this October 24, 2014 - Sputnik International
IMF Welcomes China-Led Asian Infrastructure Investment Bank
The AIIB is an international financial institution proposed by China that aims to invest in infrastructure projects in the Asia-Pacific region. A bill establishing the bank with a registered capital of up to $100 billion was signed by 21 countries in October 2014.

The new regional bank has raised concerns in Washington as a potential competitor of Western-led financial institutions. The picture for the IMF, World Bank and other international money lenders further clouded after the United Kingdom, Italy, France and Germany said they wanted to join.

Japan, one of the largest Asia-Pacific economies, said earlier on Tuesday it will not yet join the Chinese-led bank, even as the March 31 deadline to become a founding member is about to expire.

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