Canada freezes ties with Asian Infrastructure Investment Bank

Toronto (Canada), June 14. Canada announced Wednesday that it has decided to freeze its relations with the Asian Infrastructure Investment Bank (AIIB) after the entity’s communications director denounced that the institution “is dominated” by the Chinese Communist Party.

Canadian Deputy Prime Minister and Finance Minister Chrystia Freeland has announced a freeze on relations with the institution, of which Canada has been a part since 2017, as she investigates allegations by Bob Pickard, who was until now Director of Communications at the AIIB.

“The Government of Canada will immediately cease all government activities. And I have directed the Department of Finance to conduct an immediate review of all allegations,” he told a news conference.

Freeland added that he does not rule out acting once the investigation is completed, leaving the door open for Canada to leave the AIIB.

Pickard, who is Canadian, announced his sudden resignation on Twitter on Wednesday and denounced the AIIB’s “toxic culture”.

“As a patriotic Canadian, this is my only recourse. The bank is dominated by members of the (Chinese) Communist Party and also has one of the most toxic cultures imaginable. I don’t believe that the interests of my country are protected by its membership in the AIIB.” added.

Canada joined the AIIB in 2017 with a US$995 million stake and then a 1% stake in the institution. China is the largest shareholder in the bank, which already has more than 100 member countries.

Mona Watkins

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