MANILA - The China-led Asian Infrastructure Investment Bank said it approved $207.63 million (P10.6 billion) in funding for a flood control project in the Philippine capital.
The World Bank will provide another $207.63 million in official development assistance while Manila will shoulder $84.74 million in costs for the $500-million project, the AIIB said in a report on Wednesday.
China has committed to help the Philippines rebuild its infrastructure after President Rodrigo Duterte, who assumed office last year, sought to reset ties that were strained by disputes in the South China Sea.
The first phase of the flood-control project includes the rehabilitation of 36 pumping stations in Metro Manila and the construction of 20 new ones in Manila, Pasay, Pasig, Mandaluyong, San Juan, Caloocan, Valenzuela and Quezon City.
The Philippines also presented for possible AIIB co-financing the P37.76 billion EDSA Bus Rapid Transit system, which is partly funded by the Asian Development Bank.
Thursday, September 28, 2017
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