February 25, 2018, 10:00 am
Facebook iconTwitter iconYouTube iconGoogle+ icon

BCDA taps China to fund P230B infra projects

The Bases Conversion and Development Authority (BCDA) is eyeing the China Development Bank (CDB) to finance $4.5 billion worth of infrastructure projects of the agency under the Build, Build, Build program. 

Under a memorandum of understanding (MOU) signed Wednesday by Gregorio Garcia III, BCDA chairman and Hu Huaibang, CDB chairman.

CDB and BCDA are expected to collaborate in the next five years, to determine the most cost effective and efficient financing option for BCDA’s projects in Clark and Metro Manila.

Projects proposed for financing cooperation are the New Clark City, the Subic-Clark Railway Project and the BGC-NAIA-Makati Bus Rapid Transit. 

Collaboration between BCDA and CDB will also cover the research, study and implementation requirements of BCDA’s major infrastructure projects. CDB intends to team up with qualified Chinese enterprises to take part in project implementation. Their participation can be in the form of investments, feasibility studies, independent consultancies, detailed engineering design, equipment procurement and construction, among others. 

New Clark City (NCC) will be the country’s first smart, green and disaster-resilient metropolis that is envisioned to be one of the most liveable cities in the region. 

The Subic Clark Railway Project is a 70-km cargo rail running parallel to the Subic-Clark-Tarlac Expressway (SCTEx) and the Subic Freeport Expressway (SFEx). It supports the movement of goods and services between major economic hubs in Central Luzon such as the New Clark City, Clark Freeport and Special Economic Zone, Subic Bay Freeport Zone, and Tarlac Industrial Park. 

The Bonifacio Global City (BGC)-Ninoy Aquino International Airport (NAIA) Bus Rapid Transit (BRT) is a mass transport system that will facilitate a 15-minute travel time from Fort Bonifacio to NAIA, preventing delays for passengers rushing to catch their flights whether for leisure or business. 

CDB is China’s largest bank for international investment and financing cooperation. It is also the world’s largest development finance institution. As of end 2016, CDB’s international business has spanned 115 countries and regions, around the globe with $347 billion outstanding loans, accounting for about one fourth of the bank’s RMB and foreign currency portfolios.
Category: 
Rating: 
No votes yet

Column of the Day

Rappler’s continuing saga

By DAHLI ASPILLERA | February 23,2018
‘Without a court TRO against the SEC ruling, Rappler’s accreditation in Malacañang was considered revoked.” – Senior Deputy Executive Secretary Menardo Guevarra.’

Opinion of the Day

Duterte does not understand media’s role in a democracy

By ELLEN TORDESILLAS | February 23, 2018
‘This is funny if it didn’t violate the constitutional guarantee of freedom of the press.’