Australia on 24 June 2015 announced that it will join the China-led Asian Infrastructure Investment Bank (AIIB) as a founding member. It will contribute 930 million Australian dollars (718.5million US dollars) as paid-in capital to the institution over five years and will be the sixth largest shareholder.
According to an official statement, Treasurer Joe Hockey will attend the Articles of Agreement signing ceremony at the Great Hall of the People, Beijing, on 29 June 2015.
India will be the second-largest shareholder of the Institution that is likely to be operational by December 2015.
Asian Infrastructure Investment Bank (AIIB)
Asian Infrastructure Investment Bank (AIIB) headquartered in Beijing will have paid-in capital of 20 billion US dollars with total authorised capital of 100 billion US dollars. It is designed to finance infrastructure like construction of roads, ports, railways and other projects in Asia. At present, the bank has 57 prospective members, including the UK, France, Germany and Iran.
Now get latest Current Affairs on mobile, Download # 1 Current Affairs App
When: 24 June 2015
DISCLAIMER: JPL and its affiliates shall have no liability for any views, thoughts and comments expressed on this article.