Business / Economy

Philippines signs articles of agreement of AIIB

(Xinhua) Updated: 2016-01-01 10:00

BEIJING - The Philippine Ambassador to China signed the Articles of Agreement (AOA) of the Asian Infrastructure Investment Bank (AIIB) on Thursday, making it an official founding member of the new bank, the Ministry of Finance said on Thursday.

Ambassador Erlinda F. Basilio signed the legal framework in Beijing on behalf of the Philippine government. The AOA outlines the financial share for each founding member as well as rules for policymaking, governance structure, and business and operational systems for the bank.

By now, all 57 prospective founding members of AIIB have signed the agreement.

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