Cda approved to join China-led Asian bank

OTTAWA — 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.

Canada would be the first North American member of the bank. Australia, the United Kingdom, France, Germany and South Korea were among the 57 founding members.

The United States opposes the institution, warning that it would provide loans to developing countries without requiring any caveats about the environment, labour rights or anti-corruption reforms, as are typically included in loans from the World Bank and International Monetary Fund.

The bank is hailing the addition of the 13 new members.

“The interest in joining AIIB from around the world affirms the rapid progress we have made to establish the bank as an international institution,” bank president Jin Liqun said in a statement.

“I am very proud that AIIB now has members from almost every continent and we anticipate further applications being considered by our board of governors later this year.”

The bank has already doled out US$1.73 billion and officials have said it plans to loan out $10-15 billion over the next five years.

Finance Minister Bill Morneau has said membership in the bank will create opportunities for Canadian companies and contribute to global economic growth. He reiterated that in his budget on Wednesday.

“Canada’s membership at the AIIB will support inclusive, sustainable economic growth in Asia and beyond, by promoting investments in high-quality infrastructure projects, including in transportation and energy,” the budget said.

“This will enhance crucial trade links, support economic growth and offer Canadian firms new commercial opportunities.”

The 12 other new members of the bank are Afghanistan, Belgium, Armenia, Fiji, East Timor, Ethiopia, Hong Kong, Hungary, Ireland, Peru, Sudan and Venezuela.

The Canadian Press

Just Posted

Single vehicle crash in Penhold sends youth to hospital

A youth is in hospital after a car hit a light standard… Continue reading

Local haunted house offers a chilling Halloween experience

Chad and Jarita Carlson’s annual venture also supports the Lacombe Food Bank

WATCH: Sheraton Celebrity Dance Off 2018 dancers revealed

In partnership with 2019 Canada Winter Games

Local church welcomes LGBTQ community

Gaetz Memorial United Church declares itself an Affirming Ministry

At mid-mandate and with extra cash, Liberals to chart fiscal course toward 2019

OTTAWA — The Trudeau government, right at the midpoint of its mandate,… Continue reading

WATCH: A magical Harry Potter weekend in downtown Red Deer

Wizards, witches and muggles are flocking to downtown Red Deer to celebrate… Continue reading

Jason Kenney will be in Red Deer on Monday

The UCP candidate is hosting a series of town hall

Sylvan’s talent on display for fundraising show

Sylvan Lake Refugee Project is hosting Sylvan’s Got Talent Nov. 3

B.C. ice rink where 3 people died remains closed due to safety concerns

FERNIE, B.C. — Residents who were forced from their homes because of… Continue reading

Trudeau condemns appointment of Mugabe as WHO ambassador

EDMONTON — Prime Minister Justin Trudeau called the appointment of Zimbabwe President… Continue reading

Friday Oct. 21: Winning Lotto Numbers

Friday, October 20, 2017 LOTTO MAX Winning Numbers 1 4 12 27… Continue reading

New northbound Hwy 2 lanes at Gaetz Avenue to open this Sunday

Drivers heading north through Red Deer on Hwy 2 will have a… Continue reading

Sockey Night at Saturday’s Rebels game

United Way Central Alberta is determined to provide warm feet for all… Continue reading

Canadian planet hunter seeking alien life

‘The shifting line of what is crazy’ says Toronto-born astrophysicist

Most Read


Five-day delivery plus unlimited digital access for $185 for 260 issues (must live in delivery area to qualify) Unlimited Digital Access 99 cents for the first four weeks and then only $15 per month Five-day delivery plus unlimited digital access for $15 a month