CANADA will apply to join the China-backed Asian Infrastructure Investment Bank (AIIB), Ottawa’s finance department said yesterday.

    “Canada is always looking for ways to create hope and opportunity for our middle class as well as for people around the world,” Finance Minister Bill Morneau said in a statement issued in Beijing.

    “Membership in the AIIB is an opportunity to do just that.”

    Canada’s announcement came during its Prime Minister Justin Trudeau’s visit to China, who will attend the G20 summit this weekend in Hangzhou.

    Chinese President Xi Jinping said China welcomed Canada’s decision while meeting with Trudeau, who is paying his first official visit to China after taking office in November 2015.

    If Canada joins the AIIB, it will be the first North American member of the multilateral bank, which already has 57 founding members including Australia and the United Kingdom.

    The AIIB, a not-for-profit bank initiated by China, was officially established last December and started operating in January.

    With authorized capital of US$100 billion, it prioritizes investment in energy, power, transport, infrastructure, environental protection and logistics.

    AIIB president Jin Liqun welcomed Canada’s decision, which he said “shows its confidence in the strong foundations the bank has built in our first few months.”

    There are now more than 20 countries waiting to join the AIIB and the door is wide open, he said.

    The AIIB said that formal expressions of interest from potential new members would be welcomed before Sept. 30, and it looked forward to welcoming the first of these new members early in 2017.

    China is Canada’s second-largest trading partner after the United States, with exchanges topping US$66.5 billion last year, a 10.1-percent increase year on year.

    (Xinhua)