AIRLINK 75.01 Increased By ▲ 0.16 (0.21%)
BOP 5.03 Increased By ▲ 0.05 (1%)
CNERGY 4.51 Increased By ▲ 0.02 (0.45%)
DFML 41.89 Increased By ▲ 1.89 (4.73%)
DGKC 86.70 Increased By ▲ 0.35 (0.41%)
FCCL 21.50 Increased By ▲ 0.14 (0.66%)
FFBL 33.85 No Change ▼ 0.00 (0%)
FFL 9.74 Increased By ▲ 0.02 (0.21%)
GGL 10.53 Increased By ▲ 0.08 (0.77%)
HBL 114.45 Increased By ▲ 1.71 (1.52%)
HUBC 139.65 Increased By ▲ 2.21 (1.61%)
HUMNL 11.80 Increased By ▲ 0.38 (3.33%)
KEL 5.22 Decreased By ▼ -0.06 (-1.14%)
KOSM 4.65 Increased By ▲ 0.02 (0.43%)
MLCF 37.90 Increased By ▲ 0.10 (0.26%)
OGDC 139.28 Decreased By ▼ -0.22 (-0.16%)
PAEL 26.05 Increased By ▲ 0.44 (1.72%)
PIAA 22.20 Increased By ▲ 1.52 (7.35%)
PIBTL 6.85 Increased By ▲ 0.05 (0.74%)
PPL 123.70 Increased By ▲ 1.50 (1.23%)
PRL 26.95 Increased By ▲ 0.37 (1.39%)
PTC 13.96 Decreased By ▼ -0.09 (-0.64%)
SEARL 59.41 Increased By ▲ 0.43 (0.73%)
SNGP 68.81 Decreased By ▼ -0.14 (-0.2%)
SSGC 10.47 Increased By ▲ 0.17 (1.65%)
TELE 8.43 Increased By ▲ 0.05 (0.6%)
TPLP 11.25 Increased By ▲ 0.19 (1.72%)
TRG 64.18 Decreased By ▼ -0.01 (-0.02%)
UNITY 26.57 Increased By ▲ 0.02 (0.08%)
WTL 1.46 Increased By ▲ 0.01 (0.69%)
BR100 7,940 Increased By 103.2 (1.32%)
BR30 25,680 Increased By 227.9 (0.9%)
KSE100 75,980 Increased By 865.2 (1.15%)
KSE30 24,433 Increased By 319.2 (1.32%)

imageSYDNEY: Australia said Wednesday it will join the new Beijing-led Asian Infrastructure Investment Bank as a founding member, contributing Aus$930 million (US$719 million) as paid-in capital over five years.

The AIIB, to be based in the Chinese capital, has 57 prospective members, and will have a total paid-in capital of US$20 billion as well as authorised capital of US$100 million, Foreign Minister Julie Bishop and Treasurer Joe Hockey said in a joint statement.

Hockey will seal the agreement in Beijing on Monday.

"The decision comes after extensive discussions between the government, China and other key partners around the world," the ministers said.

"There is an estimated infrastructure financing gap of around US$8 trillion in the Asian region over the current decade. The AIIB will be part of the solution to closing this gap."

The AIIB is expected to be operational later this year, but has been shunned by the United States and Japan, the world's largest and third-largest economies.

The bank has been viewed by some as a rival to the World Bank and the Asian Development Bank, two institutions under strong US influence.

There have also been concerns over transparency of the lender, which will fund infrastructure in Asia, as well as worries that Beijing will use it to push its own geopolitical and economic interests as a rising power.

Copyright AFP (Agence France-Presse), 2015

Comments

Comments are closed.