Iran approved to join China-backed bank

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

Tehran’s application was backed by other founding members on Friday, China’s Ministry of Finance says 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 United States and its Asian ally Japan have not sought to join.

— AFP

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