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Russia To Join New Chinese Development Bank

Russia has become the latest country to announce it will join the China-led Asian Infrastructure Investment Bank (AIIB), to be based in Beijing.

Russian Deputy Prime Minister Igor Shuvalov made the announcement on March 28 at an international forum in China.

The Russian news agency RIA Novosti quotes Shuvalov as saying President Vladimir Putin had made the decision in favor of participating.

Russia is the latest in a string of countries, including many of the U.S.'s closest allies in Europe and Asia, to announce plans to join the bank ahead of a March 31 deadline to become a charter member.

The $50 billion bank would be used to fund infrastructure improvements, like new roads and rail lines, in Asia.

The United States has voiced only lukewarm support for the bank, saying it has concerns the AIIB may not meet international standards on transparency, the environment, and labor conditions.

Based on reporting by AFP and RIA Novosti