SYDNEY, (Reuters) – Australia could invest as much as A$3 billion ($2.3 billion) to join the China-backed Asian Infrastructure Investment Bank (AIIB), a local newspaper said yesterday, citing leaked details of high-level ministerial discussions.
The Sydney Morning Herald said the National Security Committee has cleared the way for the investment, which should lead to a formal decision to sign up to the Chinese initiative when the full cabinet meets on Monday.
The newspaper said some government sources have suggested Finance Minister Mathias Cormann could sign up when he attends the Boao forum in China late next week, subject to cabinet approval, but others thought that timeframe was too soon.
Last Saturday, Prime Minister Tony Abbott said a decision on whether to join the AIIB would be made soon.
Australia’s decision on whether to become a founding member of the institution risks upsetting either key strategic allies the United States and Japan, or top trading partner China.
