The World Bank has green-lighted its counterpart financing for the $500-million Metro Manila flood management project a day after the China-led Asian Infrastructure Investment Bank (AIIB) approved its share.
In a statement yesterday, the Washington-based multilateral lender said its board of executive directors approved the $207.6-million loan on Sept. 28.
The AIIB board on Sept. 27 gave its go-ahead for its $207.6-million share, its first loan to the Philippines.
The remaining $84.7 million will come from the national government.
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“Under the Metro Manila flood management project, 36 existing pumping stations will be modernized, 20 new ones will be constructed and supporting infrastructure along critical waterways will be improved in the cities of Manila, Pasay, Taguig, Makati, Malabon, Mandaluyong, San Juan, Pasig, Valenzuela, Quezon City and Caloocan. Many of Metro Manila’s existing pumping stations were built in the 1970s and have become inefficient and underperforming,” the World Bank pointed out.
The project aimed for completion in 2024 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, Social Housing Finance Corp. as well as local government units.
