China-led AIIB OKs first PH loan for Metro Manila flood control
The Asian Infrastructure Investment Bank (AIIB) has approved its co-financing of the $500-million Metro Manila Flood Management Project, the first loan that the China-led lender extended to the Philippines.
The AIIB board on Sept. 27 gave its go-ahead for its $207.63-million share in financing the project aimed at improving flood management in the National Capital Region by “constructing new and modernizing existing 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 impacted individuals.”
The World Bank will also provide $207.63 million in loan, while the remaining $84.74 million will be shouldered by the national government, AIIB documents showed.
According to the AIIB, this project “will focus on about 56 potentially critical drainage areas with an approximate land area of 11,100 hectares or over 17 percent of the total area of Metro Manila.”
“This will include an area covered by new pumping stations of about 2,900 hectares, with a total population of about 970,000 people or about 210,000 households,” the AIIB added.
Specifically, the project will modernize 36 existing pumping stations on top of building 20 new ones; minimize solid waste dumped in waterways; as well as provide housing to resettle affected individuals and communities, the AIIB said.
The project was aimed for completion in May 2024, according to the AIIB.
It will be jointly implemented by the Department of Public Works and Highways and the Metro Manila Development Authority, with support from the National Housing Authority as well as the Social Housing Finance Corp. /je