PH eyes MRT 4 funding help from China-based institution

The Philippines has urged the Beijing-based Asian Infrastructure Investment Bank (AIIB) to help finance the proposed Metro Rail Transit (MRT) Line 4 with the Manila-based Asian Development Bank (ADB), the Department of Finance (DOF) said on Thursday, Sept. 26.

Also being endorsed for financing by the AIIB were two bridges and several water supply projects, a DOF statement quoted Finance Undersecretary Mark Dennis Y.C. Joven as saying.

MRT-4, to run between the Ortigas business district and Rizal province, was among projects to be financed by the ADB under its new six-year country partnership strategy for the Philippines.

Finance Secretary Carlos G. Dominguez III had brought up the idea of AIIB partnering with the Philippine government-run Development Bank of the Philippines (DBP)./tsb