BCDA collaborates with Chinese bank for financing cooperation framework

MANILA, Philippines — The Bases Conversion and Development Authority (BCDA) has inked a memorandum of understanding (MOU) with a Chinese bank for a financing cooperation that will speed up the implementation of $4.5 billion worth of high impact infrastructure projects.

In a statement, BCDA said it has signed an MOU with China Development Bank (CDB) for the establishment of the financing cooperation’s framework.

Under the MOU, CDB and BCDA are expected to collaborate in the next five years to determine the most cost effective and efficient financing option for BCDA’s projects in Clark and Metro Manila.

“Collaboration between BCDA and CDB will also cover the research, study and implementation requirements of BCDA’s major infrastructure projects,” BCDA said.

It added that CDB intends to team up with qualified Chinese enterprises to take part in project implementation.

“Their participation can be in the form of investments, feasibility studies, independent consultancies, detailed engineering design, equipment procurement and construction, among others,” BCDA said.

Among the high impact infrastructure projects that will benefit from the financing cooperation are the New Clark City, the Subic-Clark Railway Project and the BGC-NAIA-Makati Bus Rapid Transit.

The New Clark City (NCC) will be the country’s first smart, green and disaster-resilient metropolis envisioned to be one of the most liveable cities in the region, while the Subic Clark Railway Project is a 70-kilometer cargo rail running parallel to the Subic-Clark-Tarlac Expressway (SCTEx) and the Subic Freeport Expressway (SFEx).

The railway project will support the movement of goods and services between major economic hubs in Central Luzon such as the New Clark City, Clark Freeport and Special Economic Zone, Subic Bay Freeport Zone and Tarlac Industrial Park.

Meanwhile, the Bonifacio Global City (BGC)-Ninoy Aquino International Airport (NAIA) Bus Rapid Transit (BRT) is a mass transport system that will facilitate a 15-minute travel time from Fort Bonifacio to NAIA, preventing delays for passengers rushing to catch their flights.