The Continued Rise of the East: Australia Signs with China’s Asian Bank, So. Korea Next
The 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) bank.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.
SEOUL: South Korea said on Thursday it has decided to seek to be a founding member of the Asian Infrastructure Investment Bank (AIIB), another key US ally joining the China-led institution despite Washington’s misgivings.
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