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LatinNews Daily - 20 September 2021

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In brief: Brazil joins Asian Infrastructure Investment Bank

* Brazil has formally joined the Asian Infrastructure Investment Bank (AIIB), after President Jair Bolsonaro promulgated the agreement cementing Brazil’s accession as a founding member. The agreement was reached in 2015 and ratified by the Brazilian congress in August 2020; between reaching and ratifying the agreement, Brazil cut its participation in the bank from the US$3.18bn initially pledged to US$5m, citing fiscal constraints. The AIIB is a multilateral development bank headquartered in Beijing, and while it focuses on funding projects in Asia, according to the Brazilian government it will also award credit to projects on other continents that are linked to Asian initiatives.