(1 July 2015 – Asia) Australia has become the sixth-biggest shareholder in the Asian Infrastructure Investment Bank (AIIB), with Australian Treasurer Joe Hockey taking part in a signing ceremony at the end of June.
Representatives from 50 countries signed the articles of agreement for the AIIIB, the first China-led multilateral institution.
China's finance ministry said seven other countries that applied to join did not sign the agreement because they did not yet have domestic approval.
China is the largest shareholder in the bank, with a stake of 30.34 percent.
Australia has committed around A$930 million over five years to finance infrastructure projects in Asia, the country’s private sector will also be involved.
The Treasurer’s office said in a statement that all members will be directly involved in the direction and decision-making of the bank in an open and transparent manner.