Aussies to give AIIB US$719m over 5 years
Print Edition
The Australian government yesterday said it would contribute A$930 million (US$719 million) over five years to the new China-led Asian Infrastructure Investment Bank, making it the institution鈥檚 sixth-largest shareholder.
A total of 57 countries, including Britain, France and Iran, have joined the US$100 billion lender.
It was launched in Beijing last year to invest in Asia in transport, energy, telecommunications and other infrastructure.
鈥淛oining the AIIB presents Australia with great opportunities to work with our neighbors and largest trading partner to drive economic growth and jobs,鈥 a statement from Australia鈥檚 Treasury and foreign affairs department said.
鈥淭he AIIB will work closely with the private sector, paving the way for Australian businesses to take advantage of the growth in infrastructure in the region.鈥
Treasurer Joe Hockey will attend the Articles of Agreement signing ceremony in Beijing next Monday, according to the statement.
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