Turkey Becomes Founding Member of China-Led Development Bank

© REUTERS / Takaki YajimaChina'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
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
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AIIB currently has nearly 40 so-called prospective founding members from across the world, including the United Kingdom, France and New Zealand.

BEIJING (Sputnik) — The existing founding members of the China-led Asian Infrastructure Investment Bank (AIIB) have accepted Turkey’s application to join the bank as a founding state, the Chinese finance ministry said Friday.

The ministry said on its website:

“With the consent of the existing founding members, Turkey officially became a founding country of the Asian Infrastructure Investment Bank on April 10.”

Chinese Finance Minister Lou Jiwei (C) signs with guests at the signing ceremony of the Asian Infrastructure Investment Bank at the Great Hall of the People in Beijing - Sputnik International
China-Led Development Bank Establishes New Multipolar Economic Order
The creation of the AIIB was proposed by China in a bid to boost investment in infrastructure projects in the Asia-Pacific region.

AIIB currently has nearly 40 so-called prospective founding members from across the world, including the United Kingdom, France and New Zealand.

The Chinese-led project has reportedly raised concerns in the United States that it could create competition for Western financial institutions.

According to various media claims, Washington has been exerting diplomatic pressure to stop its allies from joining the bank.

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