World Bank, AIIB to fund $500-M Philippine flood management project

The World Bank and the Asian Infrastructure Investment Bank (AIIB) said on Friday they have agreed to fund a $500-million flood management project in the Philippines.

The two agencies said in a joint statement they will each provide a $207.6 million loan while the Philippine government will shoulder the balance of $84.79 million.

Under the project, 36 decades-old pumping stations in Metro Manila, the country's capital where flooding is a recurring problem, will be modernized and 20 new ones will be constructed.

"Recurrent flooding has made life more difficult for the poorest populations who live in low-lying areas, on riverbanks, and in other danger zones." said Mara Warwick, World Bank Country Director for Brunei, Malaysia, Philippines, and Thailand.

"The floods disrupt business and commercial activities, causing unnecessary economic costs," said Supee Teravaninthorn, Director General for Investment Operations at China-led AIIB.

The government aims to roll out the project starting this year and complete it in 2024. Reuters