AIIB approves P64 billion loan for Bataan-Cavite bridge

MANILA, Philippines — The Asian Infrastructure Investment Bank (AIIB) is extending up to P64 billion in loans to fund the construction of the Bataan-Cavite Interlink Bridge (BCIB) project and enhance connectivity in the Greater Manila Area.

In a statement, AIIB said it has approved the financing for the BCIB, which is one of the priority projects under the government’s infrastructure flagship program.

“The approval of the AIIB loan for the BCIB project signifies a significant step toward realizing our vision of fostering inclusive and sustainable growth within the Greater Manila Area,” AIIB acting vice president for investment operations (Region 1) Rajat Misra said.

“By prioritizing climate-resilient infrastructure and leveraging technology, we aim to not only enhance connectivity but also contribute to the region’s economic development while mitigating and adapting to environmental impact,” he added.

Through multi-tranche approach, the first tranche for the project amounts to $350 million.

Covering 32.15 kilometers, the project is expected to reduce travel time from Mariveles, Bataan to Naic, Cavite to just 1.5 hours from five hours, helping promote greater economic growth and tourism in Central Luzon and Calabarzon.

It will also unlock the potential of Bataan and Cavite by facilitating trade and serving as viable tourist destinations.

In line with AIIB’s priorities of domestic connectivity, green infrastructure and technology-enabled solutions, the BCIB project will be implemented with a commitment to sustainable development.

It will incorporate green building criteria and utilizing lower carbon concrete and asphalt to promote environmental responsibility, while ensuring long-term resilience.

In addition, it will feature technology-enabled infrastructure, including energy-efficient streetlights and climate resilient bridge alert systems.

Aside from AIIB, the Asian Development Bank (ADB) is also providing financing for the construction of the BCIB.

In December 2023, the ADB approved $2.1 billion worth of financing for the project.