The Asian Infrastructure Investment Bank (AIIB) has extended a USD100 million loan to the Government of Philippines to finance flood control and water disaster resilient projects in Luzon and Mindanao. These projects will be implemented by the Department of Public Works and Highways (DPWH).
The Asian Development Bank (ADB) will co-finance the project by extending a USD211 million concessional loan in addition to the USD680,000 assistance under the agency’s high-level technology fund grant. The Government of Philippines will finance USD79.9 million of the total project cost of USD391.58 million.
Financing approved will fund works on the basins of Abra in Luzon and Tagum-Ligubanon and Agus in Mindanao. Three additional river basins are also included under the flood management project including the Apayao-Abulog in Luzon, Buayan-Malungon in Mindanao and the Jalaur in Visayas. The projects are scheduled for completion in 2024.