International Investing

Canada to apply to join China-backed Asian Infrastructure Investment Bank

International Investing

Justin Trudeau has officially submitted Canada’s application to join a controversial new international infrastructure bank led by China, an initiative from the global economic power to build more economic credibility globally.

China founded the US$100-billion (£76.17 billion) Asian Infrastructure Investment Bank late last year to provide other countries in the region access to capital for investments in projects in areas such as transportation, power and telecommunications.

The Canadian government made the announcement after the prime minister met with Chinese Premier Li Keqiang on Wednesday in Beijing, but did not immediately specify how much money it would put into the new bank.

The government said joining the bank will help Canada further engage in multilateral infrastructure efforts, and help pave the way for Canadian companies looking for new business opportunities.

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The author Paul