PHL seeking $44-M loan from AIIB

THE PHILIPPINES will apply for a $44-million loan from Beijing-based Asian Infrastructure Investment Bank (AIIB), with the proceeds going towards improving the sustainability of investment in transport infrastructure.

“The project will support the formulation of transport infrastructure master plans, covering passengers and goods, the development of manuals, guidelines, and tools to plan and define low-carbon, climate resilience, safe, and technology-enabled transport infrastructure, and the procurement and implementation activities,” the bank said in a post on its website detailing the loan application.

The AIIB also said the project is aligned with the Philippines’ sustainable development goals.

“There will be no direct financing for infrastructure investment projects or any type of civil works, thus the project is categorized as C as there will be no adverse environmental and social (E&S) impacts,” it added.

Under the project, a Strategic Environmental and Social Assessment (SESA) will be conducted as part of national, regional, and urban master plans.

“The SESA will include a high-level analysis of potential E&S impacts and opportunities to be considered in the decision-making of the investment programming,” it said.

“Findings and recommendations of the SESA will be integrated into the master plans to address potential E&S impacts and opportunities associated with the master plans execution. An overview of SESA in local language will be timely disclosed in an appropriate manner,” it added. — Luisa Maria Jacinta C. Jocson