MANILA - A $500-million flood control project in the capital can be implemented in January, the Department of Finance said Tuesday.

Phase one of the project calls for the rehabilitation of 36 pumping stations and the construction of new ones in Manila, Pasay, Pasig, Mandaluyong, San Juan, Caloocan, Valenzuela and Quezon City, the DOF said in a statement.

The World Bank and China's Asian Infrastructure Investment Bank will each provide $207.6 million while Manila will shoulder $84.8 million of the project cost, according to the statement.

"When floods occur, the capacity of people to earn a living is constrained, and many can fall back into poverty. Investments that improve flood management helps protect vulnerable communities as well as boost resilience against the impact of climate change," World Bank country director for Brunei, Malaysia, Philippines, and Thailand was quoted as saying in the statement.

Loan agreements with the WB and AIIB were signed in December last year and the project is expected to be completed in 2024, the DOF said.