Canada Halts Activities With China-Led Asian Infrastructure Investment Bank
Ottawa says it will cease all activity at the China-led Asian Infrastructure Investment Bank (AIIB) while it investigates allegations made by the bank’s global communications director after announcing his resignation.
“The Canadian government will also discuss this issue with its allies and partners who are members of the bank. China, as the world’s second-largest economy, needs to play a role in solving global problems which affect every country,” Deputy Prime Minister Chrystia Freeland told reporters on June 14.
Freeland said the federal government would launch a review of allegations made by Bob Pickard, a Canadian, who resigned as AIIB’s director general of global communications earlier in the day. Pickard alleged that the bank, which was founded in 2016 to finance railways and other infrastructure, is “dominated” by the Chinese Communist Party (CCP).
“As a patriotic Canadian, this was my only course,” Pickford said while announcing his resignation on Twitter. “The Bank is dominated by Communist Party members and also has one of the most toxic cultures imaginable. I don’t believe that my country’s interests are served by its AIIB membership.”
The finance minister said that the review of Pickard’s allegations would be untaken “expeditiously” and that she would not be “ruling out any outcome following its completion.”
Canada became a member of the AIIB in 2017, allocating $256 million to purchase shares in the bank.
The AIIB, China’s multilateral development bank to rival the World Bank and Asian Development Bank, was created to improve social and economic outcomes in Asia through the financing of key infrastructure. It has 106 member governments—including most Asian countries and Australia, Canada, Russia, France, and Britain. Japan and the United States are not members.
https://www.ntd.com/canada-halts-activities-with-china-led-asian-infrastructure-investment-bank_925681.html