Donor countries still on the fence about joining the China-led Asian Infrastructure Investment Bank have until the end of this month to sign on with founding member privileges.
Australia, Japan, South Korea and the United States sat on the sidelines when AIIB was launched with 21 founding members and a $50 billion startup capital in October in Beijing. But Prime Minister Tony Abbott has said that Canberra would be “happy” to come on board if AIIB will have governance arrangements like the World Bank.
AIIB is slated to start operating at the end of the year, focusing on infrastructure projects like roads, dams and railways in Asia. Shareholdings will be divided according to gross domestic product and there are fears a China-dominated bank would fail to meet global environmental, social and governance standards — fears that AIIB and the Chinese government have been trying to quell.