Philippines to join Asian Infrastructure Development Bank

Philippine President Benigno Aquino (Source asia.nikkei.com)

Hanoi (VNA) – The Philippines is set to join the China-initiated Asian Infrastructure Investment Bank (AIIB) with a view to accelerating infrastructural development and strengthening connection.

Philippine Finance Secretary Cesar Purisima said in a statement that the country will sign AIIB’s terms by the end of 2015.

According to the Asian Development Bank (ADB), the Southeast Asian country needs 127.12 billion USD for infrastructural development from 2010 to 2020.

AIIB will help create employment and trade development opportunities for Filipinos, Cesar Purisima said, adding that his country will contribute 196 million USD to the bank’s 100 billion USD authorized capital.

Headquartered in China’s capital city of Beijing, AIIB boasts 57 members and finances infrastructure development projects in regional economies.-VNA