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China welcomes Republic of Korea to AIIB

Xinhua, March 27, 2015 Adjust font size:

China' s Ministry of Finance said on Friday that the country welcomed the decision by the Republic of Korea (ROK) to join the Asian Infrastructure Investment Bank (AIIB).

ROK will become a founding member on April 11 if other members approve, according to a statement on the ministry's website.

ROK on Friday announced its application to join the bank as a prospective founding member and submitted its candidacy to China.

The AIIB will be an international financial institution providing support to infrastructure projects in Asia, and is expected to be established by the end of this year.

The application deadline is March 31.

Britain, France, Germany, Italy and Luxembourg have previously applied. Endi