China Pledges $9B Development Aid, Loans To The Philippines
China pledges $9 billion for aid and loans to the Philippines, that will be used for the infrastructure development in the country, finance minister says.
On Wednesday (November 02, 2016), Finance Secretary Carlos Dominguez said that China would fund some projects in the Philippines such as a large irrigation project in the Autonomous Region in Muslim Mindanao and the P200-billion railway from the capital, Manila to the Bicol region.
$6 billion Official Development Assistance (ODA) and another $3 billion in loans to the Philippines has been pledged by China. As of now there’s still have no complete of projects yet, but the projects including a lot of infrastructure projects in Metro Manila and other areas.
The infrastructure projects outside Metro Manila would connect farmers and small businessmen from the outline areas to the main consuming areas. “Our projects will be aimed outside the greater Manila area because we want to create jobs for people there, good jobs so we can reduce poverty,” said by Dominguez quoted by ABS-CBN.
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