The Philippines will borrow $100 million (about P5.1 billion) from the Beijing-based Asian Infrastructure Investment Bank to roll out flood control and water disaster resiliency projects at river basins in northern Luzon and Mindanao. READ:
The AIIB chunk of the proposed financing will cover the river basins of Abra in Luzon as well as Agus and Tagum-Ligubanon in Mindanao. Separate ADB documents showed that three other river basins will be included in the project: Apayao-Abulog in Luzon, Jalaur in Visayas, and Buayan-Malungon in Mindanao.
Specifically, the upcoming AIIB loan will finance strategic flood risk management planning; building of flood protection infrastructure; and community-based flood risk management. “The project’s potential environmental impacts are associated with the construction of the physical works. These works are small in scale, occurring within modified agricultural landscapes, mostly away from settlements and sensitive receptors. These potential impacts are typically localized, short-term and small in scale, and can be effectively mitigated through the application of appropriate construction practices,” the AIIB said.
“Project implementation has been progressing slower than originally agreed timelines. The COVID-19 pandemic has significantly impacted the project progress, particularly procurement process since March 16, 2020,” the AIIB said.
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