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

The newly established China-backed multilateral lender Asian Infrastructure Investment Bank (AIIB) will fund two major infrastructure projects of Pres. Rody Duterte, the Bus Rapid Transit (BRT) and Manila Flood Management Project.

Finance Secretary Carlos Dominguez confirmed to the media that the AIIB which is seen as a rival to the famous World Bank and the Asian Development Bank will back up the infrastructure programs of the Duterte administration.

Sec. Dominguez noted that the Chinese-based bank will help fund Pres. Duterte's "unprecedented infrastructure buildup in the Philippines," as the Philippines seeks closer relations with Beijing.

Pres. Duterte earlier vowed to boosts spending to address crumbling infrastructure, saying he would seek funds from China as he pivots his nation's foreign policy away from traditional ally the United States.

The Finance Department of the Philippines already met with AIIB President Jin Liqun in Manila, as the Finance Chief confirmed that the AIIB would fund two projects.

In a statement released to the press Sec. Dominguez was quoted as saying "The Philippines' membership to the AIIB would provide the government another source of long-term funding... for Duterte administration's unprecedented infrastructure buildup."

The AIIB will fund the P23-billion Manila Flood Control Project and the P37-billion BRT Project which includes construction of 63 stations. The Manila Flood Control Project would be partly financed by the World Bank while the BRT project will be funded also by the Asian Development Bank (ADB).

The Philippines is among the 57 members of the AIIB, with China the largest shareholder with 30 percent after Pres. Duterte signed the treaty in October and the Philippine Senate approved its ratification this month.

Source: The Manila Standard

AIIB to Fund Pres. Duterte's BRT and Manila Flood Control Project AIIB to Fund Pres. Duterte's BRT and Manila Flood Control Project Reviewed by PhilNewsXYZ on December 21, 2016 Rating: 5
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