Canada joins Asian Infrastructure Investment Bank

Mar. 23, 2017 – Canada has been approved to join a controversial new international infrastructure bank led by China.

The Asian Infrastructure Investment Bank says Canada is among 13 applicants approved for membership in the bank by its board of governors.

The bank says Canada will officially join once it fulfills its domestic requirements and deposits a first instalment of capital.

In the federal budget introduced Wednesday, the Trudeau government earmarked $256 million over five years to join the bank, saying legislation on Canada’s membership will be introduced this year.

Prime Minister Justin Trudeau announced plans to join the institution during his visit to China last summer.

The bank, which was established by China in 2015, aims to provide infrastructure capital across Asia for projects like transportation, power and telecommunication in places such as Pakistan, Bangladesh and Indonesia.

News from © Canadian Press Enterprises Inc. 2017