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Nov 18, 2017 @ 12:10

Dominguez seals water infra loans with China

 

Two water supply projects are sure to go with funding finally available.

Finance Secretary Carlos Dominguez III has signed three agreements on infrastructure cooperation with China, in line with the “pivot” earlier heralded by the Duterte administration.

In a statement, the Cabinet official announced the signing of financing deals with Liu Liange, president of the Export-Import Bank of China, during their meeting on Wednesday, Nov. 15 in Malacañang.

The agreements cover the financing for the Kaliwa Dam-New Centennial Water Source of the Metropolitan Waterworks and Sewerage System and the Chico River Pump Irrigation facility of the National Irrigation Administration.

China’s soft loan will cover 85 percent of the total project cost at $234.92 million and $72.49 million, respectively.

China has committed a total of $7.34 billion loans over the first year of the Duterte administration.

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