From Breakingviews - China’s world banks are geopolitical victims
The AIIB, set up as an alternative to the World Bank in 2016, has channelled funds from some 106 members including India, the UK and France, to invest over $42 billion in 221 projects while promoting good governance. That stands in contrast to the larger Belt and Road Initiative, through which Beijing has loaned hundreds of billions of dollars to expand its influence – and export some industrial overcapacity - throughout Asia, Africa and Latin America.
Yet Ottawa does not appear satisfied to let AIIB keep straddling the divide. Officials are reviewing Pickard’s allegations and reconsidering Canadian participation. Elsewhere, the Shanghai-based New Development Bank, known as the “Brics bank” isto welcome deep-pocketed Saudi Arabia as a member as sanctions weigh on Russia, one of its five founding members.
"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," Finance Minister Chrystia Freeland told reporters. "The review I am announcing today is to be undertaken expeditiously. And I am not ruling out any outcome following its completion," she added.
The AIIB said the comments by Pickard, who had served in his role since March 2022, were “baseless and disappointing”.Opinions expressed are those of the author. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.
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