Australia on 24th June 2015 announced that it will join the new China-led Asian Infrastructure Investment Bank(AIIB) as a founding member, contributing about 930 million dollars to the financial institution of which India will be the second-largest shareholder. Australia will be the Sixth largest shareholder.
Treasurer Joe Hockey will attend the Articles of Agreement signing ceremony at the Great Hall of the People, Beijing, on June 29 2015. The AIIB, which will be headquartered in Beijing, is designed to finance infrastructure construction in the continent. The bank already has 57 prospective members. It has been shunned by the United States and Japan, the world’s largest and third-largest economies.
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