Australia to join China-led bank
The Australian government has announced its readiness to join the China-backed Asian Infrastructure Investment Bank (AIIB), headquartered in Beijing.
“Good progress has been made on the bank's design, governance and transparency over the past few months, but we still have issues that we will address through ongoing consultations,” Australian Prime Minister Tony Abbott, Treasurer Joe Hockey and Foreign Minister Julie Bishop said in a joint statement released on Sunday.
The statement added that several key issues including the AIIB’s “board of directors having authority over key investment decisions, and that no one country control the bank” should be resolved before Canberra joins the institution.
Australia is set to sign a memorandum of understanding under which it would be allowed to take part in talks as a prospective founding member to establish the USD-50-billion bank.
The statement, meanwhile, said that institution is able to play an important role in “addressing infrastructure needs and boosting economic growth in the region with potential benefits for Australia.”
In October 2014, China along with 20 other countries inked a memorandum of understanding to set up the AIIB.
Despite criticism by the US and Japan, more countries have recently announced plans to join the bank including Britain, France, Germany, Italy and Russia. Among Washington's close allies, South Korea is the latest to indicate its plan for membership in the new multinational lender.
China’s initiative to establish the AIIB comes as the country seeks to play a greater part in international organizations, such as the International Monetary Fund, the World Bank and the Asian Development Bank, dominated by Europe, the US and Japan.
Authorities have said that the bank aims to meet the need for the construction of dams, ports, power plants and telecommunications networks across Asia.
The administration of US President Barack Obama has launched an intense but low-profile lobbying campaign against the new institution.
MR/HMV
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