Australia decided to join AIIB (Asian Infrastructure Investment Bank)

Australia has decided to sign a Memorandum of Understanding on the Asian Infrastructure Investment Bank (AIIB), which would allow Australia to become a founding member of the bank, said a statement released by Prime Minister Tony Abbott Sunday morning.

China-led development bank to have over 40 founding members

The proposed China-led Asian development bank is likely to have more than 40 founding members, as the Chinese Finance Ministry announced Saturday that three more countries have applied to join the Asian Infrastructure Investment Bank.

China, 20 other nations sign MOU for new Asian multilateral bank. (Australia, Indonesia and South Korea skipped the launch of the AIIB ...)

China and other 20 countries signed a memorandum of understanding (MOU) Friday on establishing a new multilateral bank for infrastructure projects in Asia, a move analysts said will improve economic cooperation in this region and strengthen developing countries' say in international financial institutions.

The memorandum specifies that the authorized capital of the Asian Infrastructure Investment Bank (AIIB) will be $100 billion, with the initial capital being expected to be around $50 billion.