AIIB approves funding for flood control project in Metro Manila

THE ASIAN Infrastructure Investment Bank (AIIB) approved on Wednesday a financing package for the $500-million Metro Manila Flood Management project.

Of the $500 million, the AIIB and World Bank will finance some $207.63 million each, while the remaining $84.74 million will be funded by the Philippine government’s budget.

This is the first project the China- led lender has approved for the Philippine.

“The project objective is to improve flood management in selected areas of Metro Manila. This will be achieved by constructing new and modernizing existing selected pumping stations and their supporting infrastructure, by improving solid waste management practices within the vicinity of drainage systems served by the selected pumping stations, and by supporting the resettlement of project-affected people,” according to a summary by AIIB posted on its website.

The components include modernizing drainage, minimizing solid waste dumped in waterways, housing and resettlement, and project management and coordination.

The project will be implemented by the Department of Public Works and Highways and the Metro Manila Development Authority, and supported by the National Housing Authority and Social Housing Finance Corporation in the resettlement portion.

AIIB President Jin Liqun earlier committed to finance the P37.76- billion EDSA Bus Rapid Transit, alongside the Asian Development Bank.

The Philippines became a founding member of the AIIB on Dec. 28, subscribing for $ 979.1 million worth of the bank’s capital.

AIIB has a total authorized capital stock amounting to $100 billion, and currently has 57 member countries, with 37 from Asia.

As of September, the AIIB has approved 21 projects. —