China-led bank to help fund Metro bus, flood control projects


Posted at Dec 19 2016 12:28 PM | Updated as of Dec 19 2016 12:57 PM

 Chinese President Xi Jinping with Philippine President Rodrigo Duterte. Reuters/Ng Han Guan/Pool

MANILA - The China-led Asian Infrastructure Investment Bank will help fund President Rodrigo Duterte's infrastructure overhaul, which includes two projects in the capital, the Department of Finance said Monday.

The AIIB will co-finance with the Asian Development Bank and the World Bank, the P37.76-billion EDSA Bus Rapid Transit System and the P23.46-billion Metro Manila flood control project, respectively, the ministry said in a statement.

"We are all very eager to finalize the infrastructure projects in your country," the statement quoted president Jin Liqun as saying during a recent meeting with Finance Secretary Carlos Dominguez.

"This time, we are very happy we can really talk about something to do in your country," Jin added.

China has promised to increase aid to the Philippines following Duterte's visit to Beijing in October, where he heralded "springtime" in diplomatic ties that were strained by a sea dispute.