Backgrounder: Canada Joins the Asian Infrastructure Investment Bank
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.
As part of Canada's commitment to engage, collaborate and invest with other global partners on development projects in Asia, the Government of Canada applied for membership in the Asian Infrastructure Investment Bank (AIIB). On March 23, 2017, the AIIB announced its acceptance of Canada's application, which will make our country the AIIB's first North American member.
The Government of Canada will now proceed to ratify and operationalize Canada's membership by subscribing to shares with US$199 million (approximately CAD$256 million) over five years.
Founded in January 2016 and based in Beijing, the AIIB is an international financial institution focused on addressing the estimated US$8 trillion infrastructure gap in Asia. With total capital of US$100 billion and a priority focus on sustainable infrastructure, cross-country connectivity and the mobilization of private capital, the AIIB represents a significant and renewed approach to multilateralism, which will complement other development efforts in the region.
The AIIB will help sustain growth in Asia and represents an opportunity for Canada to further engage in multilateral development 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.