National

Canada halts activity at Asian development bank, looks to review its membership

Darpan News Desk The Canadian Press, 14 Jun, 2023 02:50 PM

Finance Minister Chrystia Freeland announced Wednesday that Canada will halt all government-led activity at the Asian Infrastructure Investment Bank after a Canadian citizen tendered his resignation from the financial institution.

Bob Pickard said in a tweet Wednesday that he resigned as the bank's global communications chief because the bank is "dominated" by members of the Chinese Communist Party.

"The government of Canada will immediately halt all government-led activity at the bank and I have instructed the Department of Finance to lead an immediate review of the allegations raised and of Canada's involvement in the AIIB," Freeland told reporters on Wednesday.

The finance minister said the review would be conducted "expeditiously" and that she wasn't ruling out any outcome following its completion.

In a statement, the AIIB called Pickard's allegations "categorically false."

"We are an independent multilateral development bank guided by our board of governors and board of directors, and no one state or political party has any say over the strategic or operational direction of the bank," the statement said.

China founded the US$100-billion Asian Infrastructure Investment Bank in late 2015 to provide other countries in the region access to capital for investments in projects in areas such as transportation, power and telecommunications.

Canada joined the bank in 2017 and holds less than one per cent of the voting power, in contrast with China, which holds more than a quarter of the voting power.

According to the AIIB's website, the development bank had 103 members from within and outside of the region by the end of 2020. That included many western countries, such as the United Kingdom, France and Germany.

Prev Next

MORE National ARTICLES

Long lineup in London as queen lies in state

Equipped with sleeping bags, books and backpacks of food, they formed a queue that was nearly four kilometres long as of 6 p.m. local time. With Westminster Palace silhouetted across the river, people waited patiently as the line wound its way past the London Eye and across Lambeth Bridge.

Long lineup in London as queen lies in state

Northeast B.C., blaze scanned to confirm perimeter

The B.C. Wildfire Service says the scan was done late Tuesday. It will also be used to identify hot spots on the east flank of the 287-square kilometre wildfire, nearest to the W.A.C. Bennet Dam and the evacuated community of Hudson's Hope.

Northeast B.C., blaze scanned to confirm perimeter

Man fatally shot in Burnaby, B.C., attack

A statement from Burnaby RCMP says the attack happened just after 11 p.m. Tuesday along a busy stretch of Hastings Street near Confederation Park. The unnamed victim died at the scene.

Man fatally shot in Burnaby, B.C., attack

Reward doubled to $500K for B.C. gondola vandalism

It comes as RCMP reveal more details about their investigation and share a photo of a suspect who may have been responsible for cutting the cable on the Sea to Sky Gondola twice, in 2019 and 2020.

Reward doubled to $500K for B.C. gondola vandalism

Schools not to blame for high COVID rates: doctor

Dr. Bonnie Henry has been criticized by some parents, advocacy groups and health-care professionals who say a major jump in infections occurred during the school year among children under age 10.

Schools not to blame for high COVID rates: doctor

B.C. shuts schools, gives workers day off Sept. 19

A statement from the province says it's a national day to reflect on the "incredible life of Canada's Queen and the longest-serving monarch in British history." Prime Minister Justin Trudeau declared that Monday will be a holiday for federal government workers to mourn the Queen on the day of her state funeral.