MANILA, Philippines -- Philippines Bases Conversion and Development Authority (BCDA) and China Development Bank (CDB) will establish a cooperation framework to determine the best financing option for the US$4.5 billion infrastructure projects under the government-owned and controlled corporation (GOCC), Philippine News Agency (PNA) reported.
This follows the signing of a Memorandum of Understanding (MoU) between BCDA Chairman Gregorio Garcia III and CDB Chairman Hu Huaibang witnessed by President Rodrigo Duterte and Chinese Premier Li Keqiang, on Wednesday.
The MoU forges BCDA and CDB to collaborate in determining the most cost effective and efficient financing option for the GOCC's projects in Metro Manila and Clark in Central Luzon in the next five years.
CDB also intends to partner with qualified Chinese enterprises in the form of investments, feasibility studies, independent consultancies, detailed engineering design, equipment procurement and construction, among others to implement the projects.
Among the high impact infrastructure projects of BCDA include the 9,450 hectares New Clark City, the 70 kilometers Subic Clark Railway Project, and the bus rapid transit (BRT) connecting Bonifacio Global City, Ninoy Aquino International Airport (NAIA) and Makati City.
CDB is one of the world's largest development finance institutions, with international businesses in 115 countries and a total of US$347 billion outstanding loans at end of 2016.
The deal between BCDA and CDB is among the 14 agreements that were signed before President Duterte and Premier Li after their engagements in the recently concluded ASEAN Summit in Manila.
Premier Li departed from NAIA Thursday afternoon, being the last world leader to leave the Philippines after the 31st ASEAN Summit and Related Summits.
Source: NAM NEWS NETWORK