The Liberal government has introduced a second large budget bill that includes a new law establishing Canada's participation in the Beijing-based Asian Infrastructure Investment Bank.
The bill includes a new law called the Asian Infrastructure Investment Bank Agreement Act, which sets the terms for
Canada's relationship with the emerging bank.
Mr. Morneau's March budget made one reference to the bank, stating that Ottawa would be contributing $256-million over five years to the Asian Infrastructure Investment Bank (AIIB). Yet, the budget bill gives the Finance Minister the authority to transfer up to $375-million (U.S.), which is about $480-million in Canadian dollars. A Finance Department official said the legislation would give Canada the flexibility to buy more bank shares than the current plan of $256-million if desired.
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