The Government is today announcing it intends to sign a Memorandum of Understanding on the Asian Infrastructure Investment Bank (AIIB), which would allow Australia to participate (as a prospective founding member) in negotiations to set up the bank.
The Government has discussed the AIIB extensively with China and other key partners inside and outside the region.
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.
Key matters to be resolved before Australia considers joining the AIIB include the Bank’s Board of Directors having authority over key investment decisions, and that no one country control the bank.
Recognising the pressing need for infrastructure investment in the Asia-Pacific, Australia made infrastructure a priority during our G20 presidency in 2014.
Working with other key multilateral institutions such as the World Bank and the Asia Development Bank, the AIIB has the potential to play a valuable role in addressing infrastructure needs and boosting economic growth in the region with potential benefits for Australia.
29 March 2015