Manila Water inks deal with WB investment arm
Manila Water Co. Inc.’s overseas business unit has signed a memorandum of understanding with the International Finance Corp. (IFC) on working together in projects in the Asia Pacific region, particularly in the south east.
This develops as Manila Water Asia Pacific Pte. Ltd. aims to add momentum to the Ayala group’s expansion within the region, where there are opportunities for providing water and environmental services.
“Manila Water plans to expand in Southeast Asia, having established a solid position in Vietnam as well as strategic inroads in Bandung (in Indonesia) and Yangon (in Burma),” said Virgilio Rivera Jr., president and CEO of Manila Water Asia Pacific.
“We hope to further leverage IFC’s regional network as we assess these new markets and engage new partners,” Rivera said in a statement. “We will continue to rely on IFC’s guidance on how to navigate these new market.”
Through the memo, the partners intend to jointly identify, evaluate, develop and implement projects that will benefit geographies across the region, where more than a billion people did not have or lacked access to proper water supply and sanitation.
Rivera added that IFC, the World Bank’s investment arm, had played a catalyst role during the initial years of Manila Water’s east zone concession—with the Metropolitan Waterworks and Sewerage System—by providing debt financing and by taking an equity position.
For the past several years, IFC has been providing financial support to Manila Water’s investments and its “water for the poor projects” within and beyond Metro Manila.
For this undertaking, IFC will identify opportunities, and prospective governmental entities, local partners and project owners with whom Manila Water Asia Pacific may share its technical expertise.
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