Beijing: Australia and Russia on Saturday announced their decision to join the China-funded Asian Infrastructure Investment Bank (AIIB), joining the last-minute rush to sign up to the USD 50 billion bank before the March 31 deadline amid speculation that the US too may apply.
Australian Finance Minster Mathias Cormann told the Boao Forum for Asia at Boao in China's Hainan island that his country has decided to apply for joining the AIIB, shedding its earlier reservations.
India along with about 30 countries including UK, Germany and France have joined the bank which would enhance funding for Asian infrastructure projects.
Australia earlier backed out after the US expressed reservations especially over the transparency issues but toned down its criticism in recent weeks after close American allies like Britain joined it.
China has allayed apprehensions saying that it will be a?complementary to the World Bank and Asian Development Bank with open and transparent governance system.
Also, Russian First Deputy Prime Minister Igor Shuvalov also told the Boao Forum that Russia will apply to join the bank, state-run Xinhua news agency reported.
The AIIB is expected to be founded by the end of this year. It aims to support infrastructure projects in Asia.
The deadline for application is March 31 and the final number of founding members will be confirmed on April 1.
