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Australia to Sign-up For China-based Asian Infrastructure Investment Bank

Posted: March 28th, 2015 | Author: | Filed under: Business News | Tags: , , , , , , | Comments Off on Australia to Sign-up For China-based Asian Infrastructure Investment Bank

Australia to Sign-up For China-based Asian Infrastructure Investment BankThe Australian Federal Government will sign a memorandum of understanding that will allow Australia to participate in negotiations to set up the $100 billion China-led Asian Infrastructure Investment Bank – AIIB.

The Beijing-based bank was launched late last year and is designed to help finance development projects like road, rail and power infrastructure in the rapidly growing Asian region.

More than 20 countries have signed on as founding members.

In the past month, major Western powers including Britain, France, Germany and Italy have also announced their intention to join.

Australia had resisted joining, but a joint statement from Prime Minister Tony Abbott, Foreign Affairs Minister Julie Bishop and Treasurer Joe Hockey said the Government would sign the MOU that would allow Australia to participate as a prospective founding member :: Read the full article »»»»