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Philippines to join China’s proposed infrastructure bank

by ChemOrbis Editorial Team -
  • 30/12/2015 (10:17)
According to media reports, the Philippines will join to China’s planned regional Asian Infrastructure Investment Bank (AIIB). The AIIB will be an international financial institution which aims to provide financing for infrastructure projects in Asia. The bank is expected to launch by early next year.

The Philippines’ Finance Secretary Cesar Purisima reportedly said that they see the AIIB as “promising institution" that could boost economic growth. According to Purisima, the bank will also open the way for new investments and close financing gaps in many countries.

So far, many countries around the world including the UK, Germany, Italy and South Korea have joined the AIIB, which is seen as potential rival to the World Bank and the Asian Development Bank.
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