Monday 20 November
Powered by Ajaxy
Nov 14, 2017 @ 15:26

Duterte bags over $7B loans after cozying up to China


His friendlier tone is so far paying off.

China has committed a total of $7.34 billion in soft loans and grants to the Philippines over the first year of the Duterte administration, the Department of Finance said in a statement.

The huge sum will support 10 big-ticket infrastructure projects, two drug rehabilitation centers, and the reconstruction efforts in Marawi City.

Bulk of the amount will be spent on infrastructure, energy, and public safety projects, and will fund 85% of the construction costs for the 10 priority projects under the “Build, Build, Build” agenda.

This includes the $2.91 billion Philippine National Railways South Long Haul Railway project.

Presidents Rodrigo Duterte and Xi Jinping have turned into best friends really quickly

Tags: , , , , , , , ,

Related Stories
From a stalled Indonesian rail project to an insurgency-threatened economic corridor in Pakistan, China's push
Chinese president Xi Jinping laid out his country's credentials as the new champion of world
Globalization has pressed the brightest workers from poor Southeast Asian countries to move overseas in
China signed an agreement Thursday to buy 300 airplanes from US aerospace giant Boeing valued


Trending News

Recommended on sister sites

Copyright © 2017 Bilyonaryo -