Joe Hockey will go to Beijing to formally sign up to the Asian Infrastructure Investment Bank
TREASURER Joe Hockey will travel to Beijing on Monday to formally sign up to the Asian Infrastructure Investment Bank, joining 56 other countries.
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TREASURER Joe Hockey will travel to Beijing on Monday to formally sign up to the Asian Infrastructure Investment Bank, joining 56 other countries.
Mr Hockey has been in intense negotiations to clear up any remaining concerns over the structure of the $A129.25 billion development bank for the Asian region.
“We are absolutely satisfied that the governance arrangements now in place will ensure there is appropriate transparency and accountability in the bank,” Mr Hockey told Sky News today.
The new bank will work with the Asian Development Bank, the World Bank and a range of other banks to satisfy an estimated $A10.34 trillion infrastructure shortfall in Asia over the next 10 years.
Mr Hockey said if there are more ports, railways and essential infrastructure in Asia it means Australia can get its raw produce into these markets.
“It is a significant opportunity for Australia,” he said.
Originally published as Joe Hockey will go to Beijing to formally sign up to the Asian Infrastructure Investment Bank
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