Canada Prime Minister Justin Trudeau has announced that his country will apply to join the Asian Infrastructure Investment Bank (AIIB).
The AIIB was officially established late last year with 57 founding members.
With an authorised capital of $100 billion, China is the largest shareholder with 26.06 per cent voting shares.
India is the second largest shareholder with 7.5 per cent followed by Russia with 5.93 per cent and Germany with 4.5 per cent.
Canada’s move is regarded as shot in the arm for China as the USA has urged all its allies to refrain from joining this institution.
The AIIB is an independent institution with its own secretariat.