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AIIB to support Philippines with infrastructure development

President of the Philippines Rodrigo Duterte has selected the Asian Infrastructure Investment Bank (AIIB) to help fund his government’s “unprecedented infrastructure buildup”.
AIIB to support Philippines with infrastructure development ảnh 1President of the Philippines Rodrigo Duterte (Source: EPA/VNA)
Hanoi (VNA) – President of thePhilippines Rodrigo Duterte has selected the Asian Infrastructure InvestmentBank (AIIB) to help fund his government’s “unprecedented infrastructurebuildup”.

According to Philippine Secretary of FinanceCarlos Dominguez, AIIB President Jin Liqun said that the bank would provideloans for the flood management and bus rapid transit system projects in Manila.

The 470-million-USD flood control project will beco-financed with the World Bank while the 756-million-USD bus system –including construction of 63 stations – will be partly funded by the AsianDevelopment Bank, he added.

The AIIB is an international financialinstitution that aims to support the building of infrastructure in theAsia-Pacific region. It has 57 member states and was proposed as an initiativeby the Chinese government./.
VNA
#AIIB#infrastructure
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