Australia has decided to sign a Memorandum of Understanding with the Asian Infrastructure Investment Bank, which would facilitate it becoming a founding member.

Prime Minister Tony Abbott said in a statement it will enable Australia "to participate as a prospective founding member in the negotiation of setting up the Bank". The statement also revealed that the Australian government had discussed the initiative extensively with China and other key partners.

March 31st is the deadline for countries willing to join as a founding member to flag their intention. Australia's announcement was well anticipated as senior government officials have been talking about the possibility of joining ever since the UK made its decision to join on March 12.

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