Asian Infrastructure Investment Bank to co-fund 2 Philippine Infrastructure Projects

According to the Department of Finance, the Asian Infrastructure Investment Bank will co-finance its first two projects, which is the EDSA Bus Rapid Transit System and the Metro Manila Flood Management Project.

Daily EDSA traffic. Image from Rappler

The Department of Finance earlier said that both projects are most prepared in terms of government approvals and feasibility studies.

“We are all very eager to finalize the infrastructure projects in your country … This time, we are very happy we can really talk about something to do in your country,” says AIIB President Jin Liqun. He has expressed enthusiasm in finalizing Philippine infrastructure projects for financing by this China-led multilateral lender after the Senate had finally concurred in the ratification of the bank’s Articles of Agreement before the end-2016 deadline.

Currently, the Metro Manila flood control project is being supported by the World Bank which costs P23.46-billion and is now being processed for project financing by the National Economic and Development Authority, which according to National Treasurer Roberto Tan, 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.

Sources: www.dof.gov.ph, www.gmanetwork.com