Australia to Become 6th Largest Shareholder in AIIB

Australia says it will become a founding member of a Chinese-led Asian regional bank and its sixth largest shareholder.

The statement says Australia will contribute around 930 million Australian dollars ($720 million) as paid-in capital to the AIIB over five years and will be the sixth largest shareholder.

The U.S. government had objected that the bank would undercut existing institutions such as the World Bank and might allow looser lending standards.

Full article: Australia to Become 6th Largest Shareholder in AIIB (The Chosunilbo)

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