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China-Backed AIIB Admits Three New Members, Announces New Climate Finance Initiative

Asian Infrastructure Investment Bank President Jin Liquan delivered the keynote address at the bank's annual meeting in Egypt. Image via @AIIB_Official.

The Chinese-initiated Asian Infrastructure Investment Bank wrapped up its two-day annual meeting in the Egyptian resort city of Sharm El Sheikh on Tuesday and announced that three new members, all non-Asian, would be admitted to the bank.

With the addition of El Salvador, Solomon Islands and Tanzania, the bank now has 109 members around the world that collectively account for 65% of global GDP.

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