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Manila Bulletin devider Business devider Philippines secures $232-million AIIB loan for 'Build, Better, More'

Philippines secures $232-million AIIB loan for 'Build, Better, More'

Published Dec 15, 2024 09:24 pm

The Asian Infrastructure Investment Bank (AIIB) led by China has extended to the Philippines two loans totaling $232.18 million (over P13.6 billion) to support the Marcos Jr. administration's ambitious "Build Better More" program.

The Beijing-based AIIB disclosed on its website last week that its counterpart $188.18-million (more than P11-billion) financing for the Laguna Lakeshore Road Network (LLRN) Phase 1, as well as the $44-million (over P2.5-billion) sovereign funding for the Facility for Accelerating Studies for Infrastructure (FAST-Infra) projects, were both approved last Dec. 9.

According to the AIIB, its co-financing to build the 37.5-kilometer (km) LLRN shall "finance the first group of the civil works and consulting service contracts awarded" to this project aimed at improving urban mobility not only in Metro Manila but also in areas surrounding Laguna de Bay.

To recall, the Manila-based Asian Development Bank (ADB) and the Philippine government last month signed the loan agreement for a more than $1.69-billion (about P100-billion) aggregate financing to extend C6 Road along the lake in order to slash travel time between Lower Bicutan, Taguig City and Calamba City in Laguna province by a fourth during rush hour.

The ADB had agreed to initially extend to its host-country over $1.18 billion from its ordinary capital resources, on top of another $509.5-million financing in the pipeline for this project to be implemented by the Department of Public Works and Highways (DPWH), plus the AIIB's counterpart loan.

LLRN's 7.9-km northern section, meanwhile, would be financed by a $904.35-million loan from the Export-Import Bank of Korea or Korea Eximbank's Economic Development Cooperation Fund (KEXIM-EDCF).

Meanwhile, the AIIB said its financing for FAST-Infra would "develop a robust transportation infrastructure investment program aligned with the Philippines' sustainable development goals (SDGs)."

In particular, this project to be rolled out by the Department of Transportation (DOTr) aims to improve transport infrastructure by creating master plans for both passenger and freight transportation; developing resources to help plan and design transportation infrastructure that is low-carbon, climate-resilient, safe, and technologically advanced; as well as supporting the procurement and implementation of these infrastructure improvements, according to the AIIB.

The Philippine government will shell out $6 million (more than P351 billion) out of the $50-million (over P2.9-billion) total project cost for FAST-Infra.

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build better more Asian Infrastructure Investment Bank
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