China admits Iran as development bank founder
8 April 2015 12:46 AM GMT
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.
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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