AIIB, World Bank tapped to finance new infra health project in PH

The China-led Asian Infrastructure Investment Bank (AIIB) and the World Bank plan to cofinance another project in the Philippines, this time for a health infrastructure program to assist the country in its long battle against the new coronavirus disease (COVID-19).

AIIB vice president for investment operations DJ Pandian told the Inquirer via Zoom last Friday that the Philippine government was in talks with the Beijing-based and Washington-based lenders for a fresh loan likely to be approved within this year. Pandian did not disclose the amount of the loan.

The two multilateral agencies first teamed up to cofinance the $500-million Metro Manila flood management project in 2017.

Separately, AIIB and World Bank have contributed to the country’s efforts to survive the health crisis.

The World Bank has already extended to the Philippines three loans totaling $1.1 billion: $500-million Philippines Emergency COVID-19 Response Development Policy Loan, $500-million Third Disaster Risk Management Development Policy Loan and $100-million COVID-19 Emergency Response Project.

Just last week, the AIIB approved its $750-million counterpart financing for the Philippines’ $2.25-billion COVID-19 active response and expenditure support program, which was created to assist micro and small enterprises affected by the government’s quarantine measures. Manila-based Asian Development Bank approved the $1.5-billion chunk of the loan in April. —Ben O. de vera INQ