Mr. Speaker, with regard to part (a), the Department of Finance is unaware of any Canadian businesses directly investing in AIIB-financed projects.
The Department of Finance has been informed that seven Canadian businesses have been awarded one or more contracts related to AIIB operations since Canada officially joined in March 2018. Such contracts were either in AIIB-financed projects or under AIIB’s own corporate procurement. Broken down by year, there were two contracts in 2022, three contracts in 2020, four contracts in 2019 and two contracts in 2018.
The Department of Finance also understands that Canadian banks are engaged with core functions of the AIIB. For example, the Bank of Montreal, the Bank of Nova Scotia and the Royal Bank of Canada are frequently engaged by the AIIB in their capacity as underwriters in bond issuances and as derivative trading counterparties.
With regard to part (b), Canada became a member of the AIIB on March 19, 2018, pursuant to the Asian Infrastructure Investment Bank Agreement Act. Canada’s investment, like that of all other shareholders in the AIIB, is in the form of 20% paid-in capital and 80% callable capital. As of February 14, 2023, Canada has subscribed to 9,954 shares at the AIIB. The total value of these shares is $995.4 million U.S., of which $199.1 million U.S. is to be paid-in and the remaining portion is callable. To date, Canada has made four equal annual payments of $39.8 million U.S.
With regard to part (c), Canadian businesses that are awarded contracts, either in AIIB-financed projects or under AIIB’s own corporate procurement, do so on their own and do not operate through the Government of Canada.