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The Asian Infrastructure Investment Bank (AIIB) was formally established on Dec 25 after it garnered enough countries' domestic approval. [Photo/IC] |
The Asian Infrastructure Investment Bank, the first international financial institution proposed by China, was formally set up in December 2015.
The AIIB mainly focuses on supporting infrastructure construction projects in the Asia-Pacific region as China looks to strengthening economic ties with the neighboring economies.
The bank has garnered the approval of 17 countries including China, Australia, the United Kingdom, South Korea and Germany.
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