Minister Morneau and Asian Infrastructure Investment Bank President Discuss Shared Growth
April 17, 2018 – Ottawa, Ontario – Department of Finance Canada
The Government of Canada is committed to working with its international partners to ensure that the benefits of economic growth are felt by all, including the middle class and people working hard to join it. Investing in infrastructure will help to achieve long-term growth that benefits everyone—creating good, well-paying jobs and making communities even better places to live.
Finance Minister Bill Morneau today met with Jin Liqun, President of the Asian Infrastructure Investment Bank (AIIB), in Ottawa. The two discussed ways the AIIB, and Canada as its newest member, can best support high-quality, sustainable infrastructure projects that will lead to long-term economic growth and benefits for the middle class both in Canada and in Asia.
Membership in the AIIB gives Canada an opportunity to further engage in multilateral development efforts that support shared economic growth in Asia and beyond. Growth in Asia—home to several key trading partners—will have significant commercial benefits for Canada as an open, trading economy.
Multilateral development banks such as the AIIB finance projects that the private sector alone is not financing. In doing so, these banks help create private sector opportunities and boost economic growth, both globally and in Canada, by creating business opportunities for Canadian companies operating in the region.
Canada has purchased 0.995 per cent of total AIIB shares worth USD $199 million (approximately CDN $256 million) over five years, starting in
2017–18. This is 1.04 per cent of currently subscribed shares, which translates to a voting power of 1.07 per cent.
"Being open to the world and to strategic international partnerships, trade and investment will help Canada prosper over the long term. In addition to making historic investments in infrastructure right here in Canada, we are partnering with the AIIB to invest in high-quality, sustainable infrastructure that will create opportunities and fuel global growth that will benefit everyone."
- Bill Morneau, Minister of Finance
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Office of the Minister of Finance
Department of Finance Canada
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