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  • Writer's pictureBy The Financial District

Canada Freezes Work With China-led Infra Bank

Canada's finance minister says it is suspending activity with a Chinese-founded development bank while it investigates complaints by a Canadian who quit from the lender that it is dominated by "Communist Party hacks" and that his country shouldn't be a member, the Associated Press (AP) reported.

Photo Insert: AIIB was founded in 2016 to finance railways and other infrastructure. It has 106 member governments including most Asian countries and Australia, Canada, Russia, France and Britain.



The Asian Infrastructure Investment Bank (AIIB) confirmed Wednesday in an email that Bob Pickard resigned as its director general of global communications but insisted his criticism was unfounded.


AIIB was founded in 2016 to finance railways and other infrastructure. It has 106 member governments including most Asian countries and Australia, Canada, Russia, France and Britain.



Japan and the US aren't members. It has $47.4 billion in assets, according to the bank's 2022 financial statement, Mainichi Japan also reported.

"The government of Canada will immediately halt all government-led activity at the bank," Chrystia Freeland, who also is deputy prime minister, told reporters in Ottawa. "I have instructed the Department of Finance to lead an immediate review of the allegations raised and of Canada's involvement in the AIIB."


All the news: Business man in suit and tie smiling and reading a newspaper near the financial district.

Freeland added: "As the world's democracies work to de-risk our economies by limiting our strategic vulnerabilities to authoritarian regimes, we must likewise be clear about the means through which these regimes exercise their influence around the world."





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