As 50 nations signed the bank’s articles of incorporation at a ceremony in the cavernous Great Hall of the People Monday, the island nation stayed on the sidelines as did Denmark, Kuwait, Malaysia, Poland, South Africa and Thailand.
Finance Minister Lou Jiwei called the new $100 billion bank a “win-win for Asia†and a “new type of multilateral bank for the 21st century.†Its rules give laggards through the end of the year to dig out their pens.
“We have until December to decide,†Philippines Finance Secretary Cesar Purisima said Monday. This follows comments earlier this month in Japan by President Benigno Aquino III that his country wants to ensure that the AIIB’s economic aid won’t be subjected to “vagaries of politics between our countries.â€
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