The Bases Conversion and Development Authority said Thursday it signed an agreement with China Development Bank to establish the framework for financing cooperation to speed up the implementation of high-impact infrastructure projects worth $4.5 biĺlion under the ‘Build, Build, Build’ program.
BCDA chairman Gregorio Garcia III and China Development Bank Chairman Hu Huaibang signed the agreement. Under the MOU, the two parties will collaborate over the next five years to determine the most cost effective and efficient financing option for BCDA’s projects in Clark and Metro Manila”•so that people can immediately feel their benefits.
The collaboration will also cover the research, study and implementation requirements of major infrastructure projects.
The Chinese bank intends to team up with qualified Chinese enterprises to take part in project implementation. Chinese exposure can be in the form of investments, feasibility studies, independent consultancies, detailed engineering design, equipment procurement and construction.
Among the high impact infrastructure projects which stand to benefit from the financing cooperation are the New Clark City, the Subic-Clark Railway Project and the BGC-NAIA-Makati Bus Rapid Transit.