BCDA in talks with IFC over Clark Green City plans

ABS-CBN News

Posted at Mar 11 2015 11:41 AM | Updated as of Mar 11 2015 07:50 PM

MANILA, Philippines - The Bases Conversion and Development Authority (BCDA) said it is talking with the World Bank's investment arm for possible assistance in developing plans for Clark Green City.

In a statement, the BCDA said it is in discussions with the International Finance Corporation (IFC) over the Clark Green City project.

The Clark Green City project covers some 9,450 hectares in Tarlac and Pampanga, and is envisioned to be the country’s first smart, disaster-resilient and green city.

The BCDA said the IFC is looking at helping the BCDA in determining the business case for key utility services such as power generation, power distribution, water supply distribution and sewerage services and solid waste management.

IFC recently worked on the Clark Water project with the Clark Development Corporation and the Department of Agriculture and Land Bank of the Philippines for the Grains Central project.

Earlier, the BCDA said it is looking for a local or foreign partner to develop a portion of Clark Green City.

The partnership will be in the form of a joint-venture (JV) corporation to be owned 45 percent by the BCDA and 55 percent by the winning bidder.

The winning bidder will infuse the total initial paid-up capital of the corporation in the amount of P2.5 billion.