Philippines to join China-backed Asian infra lender AIIB

Philippines to join China-backed Asian infra lender AIIB

Chinese President Xi Jinping (C, front) poses for a group photo with the delegates attending the signing ceremony for the Articles of Agreement of the Asian Infrastructure Investment Bank (AIIB) at the Great Hall of the People in Beijing June 29, 2015. REUTERS / POOL/WANG ZHAO

The Philippines, involved in a territorial dispute with Beijing in the South China Sea, is set to join the China-backed Asian Infrastructure Investment Bank, describing it as a “promising institution” that could help accelerate economic growth.

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