Canada moves to join the AIIB

By David Bosco

Canada is joining an increasingly long list of U.S. allies making peace with the Chinese-led Asian Infrastructure Investment Bank (AIIB):

Canada will apply to join the China-backed Asian Infrastructure Investment Bank (AIIB), the bank’s president Jin Liqun said on Wednesday, making it the latest ally of the United States to join the new international development bank.

The multilateral institution, seen as a rival to the Western-dominated World Bank and Asian Development Bank, was initially opposed by the United States but attracted many U.S. allies including Britain, Germany, Australia and South Korea as founding members.

In announcing its desire to join the AIIB, Canadian officials have lavished praise on the fledgling institution. Canadian Finance Minister Bill Moreau lauded its “lean, clean and green” mandate and predicted that it will be “a highly effective multilateral institution.”

Canada announced its plans just as an AIIB vice president vacated his post because of allegations of mismanagement in a previous position. As the Financial Times notes, that move leaves an opening that new members might be keen to have their nationals fill:

The AIIB’s five vice-president slots were highly sought after by its 57 member countries. The bank’s remaining vice-presidents hail from Germany, India, Indonesia and the UK.

About David Bosco

Assistant Professor at American University's School of International Service. Contributing editor at Foreign Policy magazine. Author of Rough Justice: The International Criminal Court in a World of Power Politics and Five to Rule Them All: The UN Security Council and the Making of the Modern World
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