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Joining Asian Infrastructure Bank Provides 'Massive Opportunities' For Australia
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24.06.2015
Treasurer Joe Hockey believes joining the Asian Infrastructure Investment Bank will provide “massive new opportunities” for Australia.
The treasurer announced the decision to join the A$130bn China-based bank as a foundation member on Wednesday. He will travel to Beijing on Monday to formally sign up and join 56 other countries who are supporting the initiative.
The new bank will work with the Asian Development Bank, the World Bank and a range of other banks to satisfy an estimated US$8tn infrastructure shortfall in Asia over the next 10 years.
The treasurer announced the decision to join the A$130bn China-based bank as a foundation member on Wednesday. He will travel to Beijing on Monday to formally sign up and join 56 other countries who are supporting the initiative.
The new bank will work with the Asian Development Bank, the World Bank and a range of other banks to satisfy an estimated US$8tn infrastructure shortfall in Asia over the next 10 years.
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