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Australian leader backs Chinese planned bank as long as it is transparent, not run by China

CANBERRA, Australia – Australia’s prime minister says he supports the proposed development of a Chinese-led Asian regional bank as long as it is transparent and was not run by a single country.

The Asian Infrastructure Investment Bank, expected to be establish by the end of 2015, has raised concerns in Washington that it will compete with established international lenders such as the World Bank.

Prime Minister Tony Abbott told reporters on Wednesday that Australia is “certainly well and truly disposed to joining something which is in fact a genuinely multilateral institution with transparent governance, with clear accountability and with major decisions made by the board.”

The Australian newspaper reports that Australia is expected join the Chinese proposed bank as early as this week.