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UPDATE1: Canada to join China-backed Asian infrastructure bank

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22:09 31 August 2016

BEIJING, Aug. 31, Kyodo

Canada said Wednesday it will apply for membership in the China-led Asian Infrastructure Investment Bank to help boost its own and global economic growth.

The decision, which will leave Japan and the United States as the only ones among the Group of Seven industrial powers that have not joined the new bank, was announced by Canadian Finance Minister Bill Morneau in Beijing.

“Succeeding in the global economy of tomorrow will require strategic partnerships and openness to the world,” the Canadian finance ministry quoted Morneau as saying. “Canada is always looking for ways to create hope and opportunity for our middle class as well as for people around the world, and membership in the AIIB is an opportunity to do just that.”

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