abc.net.au
Australia has become a major shareholder in the first China-led multilateral institution, the Asian Infrastructure Investment Bank (AIIB).
Representatives from 50 countries, including Treasurer Joe Hockey, took part in a signing ceremony of the articles of agreement at the Great Hall of the People in Beijing.
China’s finance ministry said seven other countries that applied to join did not sign the agreement because they did not yet have domestic approval.
China is the largest shareholder in the bank, with a stake of 30.34 per cent.
Australia is the sixth largest, committing around $930 million over five years to finance infrastructure projects in Asia.
The private sector will also be involved.
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