Japan, Australia signal approval of China-based AIIB
March 20, 2015
(Reuters) – Japan signaled cautious approval of the China-led Asian Infrastructure Investment Bank (AIIB) on Friday and said for the first time that, if conditions were met, it could join the institution that the United States has warned against. Australian Treasurer Joe Hockey said there was “a lot of merit” in the bank and the Sydney Morning Herald newspaper reported that Canberra could formally decide to sign up when the full cabinet meets on Monday.
The AIIB could emerge as a rival to the Asian Development Bank (ADB), the Manila-based regional financial institution that Japan dominates along with the United States. By custom, the ADB is headed by a former senior official from the Bank of Japan or the country’s finance ministry.