Australia To Become Sixth Largest Shareholder In AIIB.

 

"There is an estimated infrastructure financing gap of around USD 8tn in the Asian region over the current decade," Australia's Treasury and Foreign Affairs departments said. "The AIIB will be part of the solution to closing this gap."

 

"Joining the AIIB presents Australia with great opportunities to work with our neighbours and largest trading partner to drive economic growth and jobs," the statement said.

 

Australia's treasurer Joe Hockey will attend an Articles of Agreement signing ceremony at the Great Hall of the People in Beijing on Monday 29 June, it said.

 

The AIIB was launched in Beijing last year to boost investment in infrastructure in Asia. It is expected to have initial capital of close to USD 100bn to invest in infrastructure projects. It will be financed by individual country contributions proportionate to their economic size.

 

The New Zealand government announced last week that it will invest NZD 125m (USD 87m) in the AIIB.

 

 

For further information, please contact:

 

Richard Laudy, Partner, Pinsent Masons

richard.laudy@pinsentmasons.com

 

Nick Ogden, Partner, Pinsent Masons

nick.ogden@pinsentmasons.com