China is not going to let North Korea into its new Asian development bank

China is leading an initiative to start a new development bank, Asian Infrastructure Investment Bank.

North Korea very much would like to join that development bank.

China's response? No way.

According to EmergingMarkets.org, China rejected North Korea's proposal to join the development bank after the latter country would not provide sufficient evidence of the state of its finances.

North Korea has never revealed much about its finances to the world, but according to Emerging Markets:

"[North Korea] saw membership of the new China-led development bank as a realistic ambition, sources said, given that China regularly and unilaterally lends money to the isolated DPRK regime in return for uranium and other mineral ores."

The development bank, however, will make commercial loans and have many members, including various European countries.

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