AIIB to Fund Pres. Duterte's BRT and Metro Manila Flood Control Project

Finance Secretary Carlos Dominguez on Monday said that the Beijing-based Asian Infrastructure Investment Bank (AIIB) would help the country to fund the “unprecedented infrastructure buildup."

“The Philippines’ membership to the AIIB would provide the government another source of long-term funding … for the Duterte administration’s unprecedented infrastructure buildup,” Dominguez said.

Sec. Dominguez said after he met with AIIB president Jin Liqun in Manila last week, he confirmed on  funding the the Metro Manila Flood Management Project and the EDSA Bus Rapid Transit system. Also with the help of other multilateral lending institutions.

“These are the projects that are the most prepared in terms of government approvals, feasibility studies and other requirements, and are already in the pipeline. So these projects can be processed most expeditiously for co-financing by AIIB,” National Treasurer Roberto Tan said.

According to the report, the P23.46-billion Metro Manila flood control project supported by the World Bank is now being processed for project financing by the National Economic and Development Authority (NEDA), which has tapped the AIIB for co-financing of the project.

On the other hand, the P37.76 billion EDSA Bus Rapid Transit system is partly funded by the Asian Development Bank.

Sec. Dominguez expressed his support to the membership of AIIB of the Philippines.
“Achieving full membership in the AIIB is a significant milestone. Completing our domestic procedures for ratification puts us in solidarity with 56 other countries,” Dominguez said.

“AIIB serves as the only multilateral development bank that focuses on infrastructure. The operations and policies of the bank are designed to be lean, clean and green. It is committed to principles of transparency, independence, openness and accountability,” he added.

Earlier, President Duterte promised in improving infrastructure and seeking help to China to fund the infra projects.

Source: Manila Standard, Manila Bulletin

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