Jakarta, Seoul on board for Beijing-backed infrastructure bank

Indonesian President Joko Widodo announced Indonesia planned to apply for membership with in the Beijing-backed Asian Infrastructure Investment Bank Thursday during a visit to China, South China Morning Post reported, citing state media; meanwhile, The New York Times reported that the South Korean Ministry of Strategy and Finance had announced that country’s intention to join the regional bank, citing the inability of existing mutilateral lenders such as the World Bank and Asian Development Bank to meet demand in the region.