Canada is suspending ties with a Beijing-based multinational lender — billed as Asia’s answer to the World Bank — pending a review of claims that the Chinese Communist Party has infiltrated the institution
The allegations were made by Bob Pickard, a Canadian citizen who resigned as global head of communications for the Asian Infrastructure Investment Bank earlier this week. The Canadian government announced Wednesday it would “immediately halt all government-led activity” with the AIIB, a development bank led by China that also counts G7 countries such as the United Kingdom, France and Germany as members.
Scrutiny over China Canada joined the AIIB in 2018, and has since pledged a total of $995.4 million, according to the bank. In her remarks Wednesday, Freeland said the government review would be expedited, and that she was “not ruling out any outcome following its completion.” She said Canada would discuss the matter with allies and partners who are also members of the bank.
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Breakingviews - China’s world banks are geopolitical victimsChina’s “World Bank” tried in vain to carefully thread the geopolitical needle. Canada, one of its members, is freezing activity at the Beijing-based Asian Infrastructure Investment Bank after its director-general of communications, Bob Pickard, resigned alleging on Twitter that the institution he left behind was infiltrated by Communist Party officials who operate it “like secret police.” Ottawa’s reaction looks hasty, but delivers a small but significant blow to one of the People’s Republic’s responsible multilateral lenders.
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