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Philippines expects AIIB to help its infrastructure

Staff Writer |
Philippine Treasurer Roberto Tan said that the country's government is awaiting "promising development and financing cooperation" with the Asian Infrastructure Investment Bank (AIIB) to help fund the country's infrastructure projects.

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The Philippine senate last week approved AIIB treaty. The AIIB is a China-initiated multilateral lending institution aimed at promoting economic development in Asia.

Tan said the Philippines may now request that the AIIB send a mission to the Philippines to discuss projects for the bank's financing.

A rapid bus transit project and a flood control project in Manila would be among the first to be presented to the AIIB for funding, he said.

"These are the projects that are the most prepared in terms of government approvals, feasibility studies and other requirements, and are already in the pipeline. So these projects can be processed most expeditiously for co-financing by the AIIB," Tan said.

Finance Secretary Carlos Dominguez has said the Duterte administration needs at least 8 trillion pesos (160 billion U.S. dollars) to close the infrastructure gap over the next six years.

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