Asian Infrastructure Investment Bank said it welcomed an investigation by Canada into allegations it faces interference from China. Read on.
The AIIB immediately pushed back on Pickard’s accusations, calling them “baseless and disappointing” in a written statement.
Schuknecht said he was not aware of any current or former employees raising similar concerns over the operations of the bank. He added that he only found out about Pickard’s allegations when they were posted on Twitter. Pickard’s resignation and Canada’s response shines a light into a quiet corner of the broader rivalry between the U.S. and China for influence in developing nations, particularly around aid financing and debt issues.
U.S. Treasury Secretary Janet Yellen was explicit earlier this week on the role Washington sees for Western-aligned lenders. “Our leadership at these institutions is one of our core ways of engaging with emerging markets and developing countries,” she said in a congressional hearing. Their aid “serves as an important counterweight to nontransparent, unsustainable lending from others, like China.
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