THE Asian Infrastructure Investment Bank (AIIB) has approved a $1.14-billion loan to finance the construction of the Bataan-Cavite Interlink Bridge.
“The approval of the AIIB loan for the Bataan-Cavite Interlink Bridge project signifies a significant step towards realizing our vision of fostering inclusive and sustainable growth within the Greater Manila Area,” Rajat Misra, AIIB acting vice-president for Investment Operations for Region I, said in a statement.
“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.
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The 32.15-kilometer marine bridge connects Central Luzon to the Southern Tagalog regions. The Asian Development Bank (ADB) is co-financing the project.
The bridge is expected to cut travel time from Mariveles, Bataan to Naic, Cavite to 1.5 hours from 5 hours. It is expected to be one of the longest marine bridges in the world.
The first phase of the project is expected to require funding of $350 million.
“This marks a milestone support to the Marcos administration’s Build Better More Program, encouraging enhanced connectivity and promoting sustainable infrastructure development within the greater Manila area,” Beijing-based AIIB said.
The bridge will also help “unlock the potential of Bataan and Cavite in facilitating trade and serving as viable tourist destinations.”
The bridge features energy-efficient street lights and climate resilient bridge alert systems, the AIIB said. Source: Business World
