spot_img
29.4 C
Philippines
Wednesday, June 19, 2024

AIIB approves P64-billion loan for Bataan-Cavite Interlink Bridge Project

- Advertisement -

The Asian Infrastructure Investment Bank (AIIB) said Friday it approved a loan of up to P64 billion for the construction of the Bataan-Cavite Interlink Bridge (BCIB) project in Manila Bay.

“The approval of the AIIB loan for the Bataan-Cavite Interlink Bridge project signifies a significant step towards realizing our vision of fostering inclusive and sustainable growth within the Greater Manila Area,” said Rajat Misra, AIIB acting vice president for investment operations (Region 1).

“By prioritizing climate-resilient infrastructure and leveraging technology, we aim to not only enhance connectivity but also contribute to the region’s economic development while mitigating and adapting to environmental impact,” said Misra.

AIIB is a Beijing-based multilateral development bank whose mission is financing the infrastructure for tomorrow.  Established in January 2016, it has since grown to 109 approved members worldwide.

This marks a milestone support to the Marcos administration’s Build Better More Program encouraging enhanced connectivity and promoting sustainable infrastructure development within the Greater Manila Area.

The BCIB project is structured following a multi-tranche approach, with the first tranche amounting to $350 million.

Spanning a distance of 32.15 kilometers, the BCIB project is poised to provide a strategic convergence between Regions III and IV-A fostering greater economic growth and improved tourism. With the support of AIIB, the project will not only reduce travel time from Mariveles, Bataan to Naic, Cavite from five hours to 1.5 hours but will also promote greater ease in doing business by unlocking the potential of Bataan and Cavite in facilitating trade and serving as viable tourist destinations.

Aligned with AIIB’s thematic priorities of domestic connectivity, green infrastructure and technology-enabled solutions, the BCIB project embodies a commitment to sustainable development.

By adapting to natural hazards, incorporating green building criteria and utilizing lower carbon concrete and asphalt, the project emphasizes environmental responsibility while ensuring long-term resilience.

The BCIB will feature technology-enabled infrastructure, including energy-efficient street lights and climate resilient bridge alert systems, underscoring AIIB’s dedication to leveraging innovation for sustainable development outcomes.

As the lead co financier, the Asian Development Bank (ADB) will collaborate with AIIB to finance the BCIB project, which is one of the key priority projects under the current administration’s flagship infrastructure program.

LATEST NEWS

Popular Articles