Australian Prime Minister Tony Abbott said on Saturday that Canberra would announce within weeks if the country would join the China-backed Asian Infrastructure Investment Bank (AIIB).

At least 27 countries have joined and South Korea is poised to sign up despite an alleged U.S. lobby not to join because the AIIB would rival the U.S.-backed World Bank, reports the Australian Financial Review.

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Seoul said it would announce its decision whether it would join AIIB within this month. A government official, who opted to play it coy, told the Korean Herald, "I can't say which way the government will go as nothing has been decided yet."

The official added that the government would decide after it gets the opinion of related government ministries and checks the political situation in its neighbors.

Before Abbott made the announcement, his two key ministers - Treasurer John Hockey and Foreign Affairs Minister Julie Bishop - had favored joining AIIB.

Hockey was quoted as saying, "Quite obviously China has improved the governance structure it is proposing ... This is something that will obviously be taken into account by the government over the next few weeks as we continue our dialogue with those people behind the bank."

Steve Howard, head of the Global Foundation, China's adviser for AIIB, said that Australia must soon make a decision because the window of opportunity would soon close. He explained, "Australia should have the confidence in its ability to influence the effectiveness of the new bank, from inside the tent, as a founding member."

The pressure has been exerted on Australia after the United Kingdom disclosed on Thursday that the country has applied with China's Ministry of Finance to become a founding member.

If Beijing approves UK's application, it would be the first major non-Asian nation to join AIIB and the bank's second-largest stakeholder. It would also emphasize Australia's isolation if Abbott does not give his approval.