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Australia plans to join the Asian Investment Bank

Australia plans to join the Asian Investment Bank

Australia plans to join the Asian Investment Bank
Australia plans to join the Asian Investment Bank

Australia announced that it intends to join the ADB to invest in infrastructure promoted by Beijing, while stressing that it should not be this bank managed unilaterally.

He said Prime Minister Tony Abbott and Finance Minister Joe Hockey, Foreign Minister Julie Bishop in a joint statement that “significant progress achieved in regard to the structure of the bank and its governance and transparency in recent months, but there are still outstanding issues we will discuss in the negotiations.”

The statement added that “the main problems to be resolved before that Australia is considering joining the ADB to invest in infrastructure related to the validity of the Board of Directors of the Bank on key decisions to invest and the necessity of not controlled by any country on the bank.”

The government has indicated that it will sign a protocol agreement to Canberra allowed to participate in the negotiations as a possible founder of the Asian Investment Bank, which is his goal in the financing of infrastructure works by Asia.

She also noted that the bank “has the ability to play an important role in the face of the needs of infrastructure and accelerate regional economic growth with potential benefits for Australia.”

In the scenes of President Barack Obama’s administration has exercised intense pressure to block the advance of China accused of trying to blow up a project of international standards on development. Washington opposes the plan, and raised concerns about transparency and corporate governance in China. The United States, which has historically been dominated by the international financial institutions by surprise Chinese initiative has been taken.

China has signed and about twenty other country in October / October last agreement aims to create a bank that will be capitalized initially fifty billion dollars (46 billion euros) and will be based in Beijing.

Britain, France, Germany, Italy, and has also announced its intention to join the bank. South Korea, Thursday became the latest country maintains close relations with Washington to announce his intention to join this project.