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Ottawa, Ontario

The Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, today issued the following statement regarding the Asian Infrastructure Investment Bank:

“At my instruction on June 14, 2023, the Government of Canada immediately halted all government-led activity at the Asian Infrastructure Investment Bank (AIIB). This urgent step was taken after serious concerns were raised about the AIIB by a former employee.

“The Department of Finance, working with partners across the federal government, including Canada’s national security agencies, has undertaken a review of both the allegations raised and Canada’s involvement in the AIIB. To date, this internal review has included consultations with many of Canada’s closest partners who are also members of the Bank.

“In consultation with some of our closest international partners, Canada is expanding its review of the AIIB. Going forward, Canada’s review will prioritize:

  • Undertaking an analysis of AIIB investments and its governance and management frameworks, as well as assessing whether any further enhancements are needed to decision-making and project selection at the Bank;
  • Examining whether existing environmental and social governance safeguards at the Bank are effective and sufficient, with particular concern to forced labour and complaints handling, as well as environmental impacts and gender equality; and,
  • Assessing the AIIB’s work culture, governance reforms, and management response to the concerns raised in recent months.

“In October, senior Canadian officials discussed this work with counterparts from Australia, Germany, Sweden, and the United Kingdom at a meeting on the margins of the 2023 Annual Meetings of the World Bank Group and International Monetary Fund held in Marrakech, Morocco.

“While our engagement with our partners continues, Canada’s participation in the AIIB will remain indefinitely suspended.

“Canada will continue to follow ongoing developments of the Bank through trusted partners who are active shareholders in the Bank, and with whom we share a collective interest in a transparent and effective international financial architecture.”