PH, JICA sign $142M loan for Cavite floodway project
The loan deal has been finalized for Cavite’s industrial zone.
The Department of Finance and the Japan International Coordination Agency (JICA) has signed a 15.93-billion yen loan line that will support a flood control project around Cavite’s economic zone, which is seen to help 8,000 homes and manufacturing plants in the area.
Finance Secretary Carlos Dominguez III and JICA chief representative Susumu Ito finalized the credit agreement before President Rodrigo Duterte and Prime Minister Shinzo Abe on Monday, Nov. 13 during a meeting held in Malacañang, where Abe flew in for the Association of Southeast Asian Nations Summit.
The amount will be used for the Cavite Industrial Area Flood Risk Management Project to be implemented by the Department of Public Works and Highways (DPWH) in the cities of General Trias and Imus and the municipalities of Kawit, Noveleta and Rosario, Cavite.