Canada freezes ties with the Asian Infrastructure Investment Bank after accusations that it is dominated by the CCP
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Canadian Finance Minister Chrystia Freeland statedthat the country is freezing ties with the Asian Infrastructure Investment Bank (AIIB). This came after AIIB Global Communications Director Bob Pickard, a Canadian, resigned from the bank and said it was “dominated by members of the Communist Party” of China. Ms. Freeland said that ties with the bank are being frozen until the end of the investigation of these allegations, and she does not rule out any development of events. This may mean the possibility of a complete severance of relations with the AIIB.
AIIB was created by the Chinese authorities in 2016, it was assumed that the bank should become a competitor to the International Monetary Fund and the World Bank. The Chinese authorities have repeatedly stressed that the bank is out of politics. More than 90 countries are members of the AIIB, including Canada, which joined in 2018. In total, at the end of last year, the bank invested $37 billion in more than 190 projects in different countries.
On Wednesday, Mr Picard tweeted: “The bank is dominated by Communist Party members and has the most toxic culture imaginable. I do not believe that membership in the AIIB serves the interests of my country.” He has held his position at the bank since March 2022. “I felt that the power of the party prevented transparent and free communication,” Mr. Picard later said, refusing to give specific examples due to confidentiality obligations. The AIIB has already called these accusations “unfounded and disappointing.”
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