Canadians Will Benefit from Canada's Membership in the Asian Infrastructure Investment Bank: Morneau
August 31, 2016 – Beijing, China – Department of Finance Canada
The Government of Canada is committed to strengthening the middle class by promoting strong, inclusive economic growth in Canada and around the world. Investments in high-quality infrastructure contribute to long-term growth and a better quality of life for people at home and abroad.
Earlier today, as part of Canada's commitment to engage, collaborate and invest with other global partners on development projects in Asia, Prime Minister Justin Trudeau met with Chinese Premier Li Keqiang, who welcomed Canada's decision to apply for membership in the Asian Infrastructure Investment Bank (AIIB).
The AIIB will help sustain growth in Asia and represents an opportunity for Canada to further engage in multilateral infrastructure efforts that support inclusive economic growth in Asia and beyond. Membership in the AIIB also complements Canada's significant engagement in other international financial institutions such as the World Bank Group and the Asian Development Bank.
By aiming to become the first North American member of the AIIB, Canada is demonstrating our renewed commitment to engaging around the world, and acting on our belief in the long-term economic benefits of targeted investments in high-quality infrastructure projects.
Minister Morneau underlined that helping fund high-quality infrastructure in Asia will contribute to global economic growth and help Canadian companies to explore new commercial opportunities.
"Succeeding in the global economy of tomorrow will require strategic partnerships and openness to the world. That's why, in addition to helping families and making historic infrastructure investments at home, we are forging new ties with international partners. Canada is always looking for ways to create hope and opportunity for our middle class as well as for people around the world, and membership in the AIIB is an opportunity to do just that."
– Bill Morneau, Minister of Finance
"Canadians know that expanding trade and investment with large and fast-growing markets is a key priority. We have a very meaningful economic relationship with China, as our second largest trading partner. The AIIB's infrastructure projects stand to produce sustainable economic growth and prosperity for the middle class—and Canada is pleased at the prospect of joining this work today."
– Chrystia Freeland, Minister of International Trade
- Backgrounder: The Asian Infrastructure Investment Bank—Steps in Approving New Members
- Budget 2016: Growing the Middle Class
Director of Communications
Office of the Minister of Finance
Department of Finance Canada