Canada Lines Up to Join China-Led AIIB as PM Trudeau Seeks to Boost Economic Ties With Beijing
Yicai Global
/SOURCE : Yicai
Canada Lines Up to Join China-Led AIIB as PM Trudeau Seeks to Boost Economic Ties With Beijing
(Yicai Global) Sept. 1 -- Canada's Finance Minister Bill Morneau said yesterday that his country has applied for membership of the Asian Infrastructure Investment Bank (AIIB), the first-ever multinational financial institution initiated by China.

More than 20 countries have applied to join the Beijing-based lender, AIIB President Jin Liqun said yesterday. By the end of the year, the bank will have more than 90 members, outnumbering both the Asian Development Bank and the European Bank for Reconstruction and Development.

Mr. Morneau is accompanying Canadian Prime Minister Justin Trudeau on a 10-day visit to China to attend the G20 leaders summit in Hangzhou between Sept. 4 and 5 and deepen economic relations with the world's No. 2 economy and Canada's second-largest trading partner.

The AIIB will be one of the world's largest multilateral development institutions, second only to the World Bank. Its goal is to make a substantial contribution to Asia's infrastructure construction, Mr. Jin said at a conference in Hong Kong on July 6. The AIIB aims to promote the strategic development of Beijing's 'One Belt, One Road' initiative aimed at creating new economic links between Asia, Europe and Africa and expand its work to remote regions.

Set up last December, the bank's founding members include not only China, and the other BRICS countries -- Brazil, Russia, India, and South Africa -- but also the G7's Germany, France and the UK, as well as Egypt, Australia and New Zealand. The US and Japan have so far not joined.

 

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