Canada to apply to join China-backed AIIB

Canada is all set to join the China-backed Asian Infrastructure Investment Bank. In this regard, Canada will submit its application by the end of September 2016.

 About AIIB- Key facts:

• The AIIB was established as a new multilateral financial institution aimed at providing “financial support for infrastructure development and regional connectivity in Asia.”
• It was founded in October, 2014, and will have its headquarters in Beijing.
• Its goals are also to boost economic development in the region, create wealth, prove infrastructure, and promote regional cooperation and partnership.
• The value of AIIB’s authorized capital amounts to $100 billion, with almost $30 billion invested by China.
• The bank expects to lend $10 billion to $15 billion a year for the first five years of its operations, beginning in the second quarter of 2016.