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World Bank Chief Welcomes China-backed Development Bank

The president of the World Bank said on Friday he welcomed the setting up of the China-backed Asian Infrastructure Investment Bank (AIIB), a day after Britain became the first Western nation to embrace the institution. With U.S. interest rates likely to rise later this year, capital flows to emerging markets and low-income countries will face greater challenges over time, Jim Yong Kim told a news conference. “From the perspective simply of the need for more infrastructure spending,...

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