Australia may invest AUD$3 bln in AIIB

Australia may join the Asian Infrastructure Investment Bank (AIIB) and potentially invest three billion Australian dollars (2.3 billion U.S. dollars), local media reported on Friday.

The Australian Cabinet's National Security Committee (NSC) is set to approve joining the bank on Monday, according to leaked documents given to Fairfax Media.

The news follows Australia initially rejecting the offer from China last year, citing concerns of governance.

According to the report, the NSC discussions included Prime Minister Tony Abbott, Foreign Minister Julie Bishop, Deputy Prime Minister Warren Truss, Defense Minister Kevin Andrews and Treasurer Joe Hockey.

Australia will first sign a "memorandum of understanding" to enter direct negotiations on the final structure of the bank.

Australia's move follows the decision of the United Kingdom to join the bank.