Australia is just a signature away in formally joining the U.S. $100 billion Chinese-led Asian Infrastructure Investment Bank, or AIIB. A report has revealed that Australia’s federal finance minister could formally sign up the country’s investment into the bank next week.

Fairfax Media reports the Australian Cabinet's National Security Committee has given the government its thumbs-up to the proposal. When the cabinet meets next week, the policy is sure to be immediately given attention and focus. A decision is anticipated on Monday if Australia will indeed push through.

The committee hast yet to finalise on the amount, but Australia’s investment into the bank could range “from hundreds of millions to up to AU$3 billion ($2.3 billion).” The Guardian reports Australia only has until end March to fully decide for it to be considered a foundation member of the bank.

Joining the bank is a positive development, Treasurer Joe Hockey said, that could help address unfunded infrastructure in Australia’s immediate region. “This is going to operate in our region, in our neighbourhood. There is a lot of merit in it,” WSJ quoted Hockey telling a local radio station in Brisbane on Friday. “But we want to make sure that there are proper governance procedures, that there is transparency, that no one country is able to control the entity.”

Launched late in 2014, the Beijing-based AIIB targets to put the financial infusion in road, rail and power projects, among others, in the rapidly growing region. Many countries have signed up to become founding members, about over 20. Major Western powers including Britain, France, Germany and New Zealand have already signed up to invest in the AIIB, which could rival the World Bank, International Monetary Fund and Asian Development Bank in the not so distant future.

“Thirty governments have joined, so it’s a significant movement,” Ryan Manuel, a China expert from the Australian National University, told Sky News on Friday.

To report problems or to leave feedback about this article, e-mail: e.misa@ibtimes.com.au.

RELATED STORIES