AIIB Support Philipines to Fix Infrastructure
MANILA - The important needs to fix infrastructure sector has made Philipines Government seek support from Asian Infrastructure Investment Bank (AIIB). Philippine President Rodrigo Duterte has tapped a China-backed multilateral lender to help fund his government's "unprecedented infrastructure buildup."
This was confirmed by Finance Secretary of Philipines Government, Carlos Dominguez who also stated that he already met with AIIB President, Jin Liqun in Manila last week.
"The Philippines' membership to the AIIB would provide government another source of long-term funding for the Duterte administration's unprecedented infrastructure buildup," Dominguez said in a statement as reported from sg.news.yahoo.com (19/12/2016).
Rodrigo Duterte, 71, increasingly turned to China for loans and aid as he took exception to United States criticism of his drug war that has killed thousands.Over the weekend Duterte attacked Washington for deferring aid because of human rights concerns over his anti-crime crackdown.
Jin said the AIIB would provide loans for a Manila flood management project and a bus rapid transit system in the capital, according to the statement. The 23 billion peso ($470 million) Manila flood control project would be co-financed with the World Bank, while the 37 billion peso ($756 million) bus system, which includes construction of 63 stations, would be partly funded by the ADB, the statement added.
"We are all very eager to finalise the infrastructure projects. This time, we are very happy we can really talk about something to do in your country," said Jin.