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China-led AIIB aims to build ties with private-sector funds

Washington and Tokyo stand to lose if they keep distance from investment bank

LUXEMBOURG -- Western private-sector investment funds are being courted by the China-led Asian Infrastructure Investment Bank, said executives at the institution's annual meeting held last week in Luxembourg.

In a plenary session, Luxembourg's Minister of Finance Pierre Gramegna said: "We need to crowd in private capital ... Public money can trigger the guarantees, but we need the private sector." Luxembourg is one of the 100 member-countries and regions that are involved in AIIB and the first country outside of Asia to host an AIIB annual meeting.

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