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China admits Iran as development bank founder

Iran has been approved as a founding member of the Beijing-backed Asian Infrastructure Bank (AIIB), China’s finance ministry said on  Tuesday, just days after Tehran sealed a historic framework agreement on its nuclear programme.

Tehran’s application was backed by other founding members on Friday, China’s Ministry of Finance said in a statement on its website. The United Arab Emirates’ bid was also approved. More than 50 countries, plus Taiwan, have now applied to join the bank in a diplomatic coup for Beijing after Washington initially opposed its allies becoming members.

The US and its Asian ally Japan have not sought to join the bank.
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