Canada seeks to join China-backed AIIBAugust 31, 2016 - 11:38 AMT PanARMENIAN.Net - Canada will apply to join the China-backed Asian Infrastructure Investment Bank (AIIB), Ottawa's finance department said on Wednesday, August 31 in a coup for Beijing after Washington had tried to dissuade U.S. allies from signing up, AFP reports. "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." The Beijing-based lender has been viewed by some as a rival to the World Bank and the Philippines-based Asian Development Bank, which was founded in 1966. Critics worried that it would set much lower standards for projects and undermine principles of social, environmental and economic sustainability adhered to by the World Bank and other multilateral development finance institutions. 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." The United States, and Japan -- the world's largest and third-largest economies, respectively -- have notably declined to join the bank, AFP says. The announcement came during Prime Minister Justin Trudeau's visit to China, where he met Prime Minister Li Keqiang to try to strengthen ties before the G20 summit this weekend in Hangzhou. Related links: Top stories Authorities said a total of 192 Azerbaijani troops were killed and 511 were wounded during Azerbaijan’s offensive. In 2023, the Azerbaijani government will increase the country’s defense budget by more than 1.1 billion manats ($650 million). The bill, published on Monday, is designed to "eliminate the shortcomings of an unreasonably broad interpretation of the key concept of "compatriot". The earthquake caused a temporary blackout, damaged many buildings and closed a number of rural roads. Partner news | Pasadena to host Armenian Genocide commemoration event The Pasadena Armenian Coalition will host its community-wide Armenian Genocide Commemorative Event. Armenia: Opposition activist transferred to Investigative Committee Activist Samvel Vardanyan has been accused of insulting the lawmaker Hakob Aslanyan from the ruling Civil Contract party. Former Pashinyan envoy urges end to Genocide speculation Marukyan has urged authorities in Armenia stop discussions about verifying the names of 1.5 million victims. Azerbaijan, Jordan sign deal on defense cooperation Azerbaijan and Jordan have signed an agreement on cooperation in the field of defense, according to an official statement. |