The move signals divergence within the Group of Seven nations China’s Vice Prime Minister He Lifeng and Germany’s Federal Minister of Finance Christian Lindner, Frankfurt, Germany, October 1, 2023. © Global Look Press / Thomas Trutschel

Berlin has announced plans to keep supporting the Asian Infrastructure Investment Bank (AIIB), a Chinese state-backed financial development lender. This comes in contrast to G7 partner Canada’s move to freeze ties with the institution over concerns about Beijing’s influence within it.

The announcement was made shortly after a Sunday meeting between German Finance Minister Christian Lindner and Chinese Vice Premier He Lifeng in Frankfurt.

In June, Lindner’s Canadian counterpart, Chrystia Freeland, said that Ottawa had decided to freeze all ties with the financial institution until further government review. The move occurred due to claims of widesp

The parties have also expressed their dedication to enabling the AIIB to better serve the sustainable development needs of its member countries. Moreover, Berlin and Beijing pledged to ensure that the development bank operates by international standards and becomes an institution integrated into the global financial architecture.

The AIIB, currently the world’s second-largest multilateral development institution, has so far admitted 109 nations from all continents as members.

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