President of the Philippines Rodrigo Duterte (Source: EPA/VNA)
Hanoi (VNA) – President of the Philippines Rodrigo Duterte has selected the Asian Infrastructure Investment Bank (AIIB) to help fund his government’s “unprecedented infrastructure buildup”.

According to Philippine Secretary of Finance Carlos Dominguez, AIIB President Jin Liqun said that the bank would provide loans for the flood management and bus rapid transit system projects in Manila.

The 470-million-USD flood control project will be co-financed with the World Bank while the 756-million-USD bus system – including construction of 63 stations – will be partly funded by the Asian Development Bank, he added.

The AIIB is an international financial institution that aims to support the building of infrastructure in the Asia-Pacific region. It has 57 member states and was proposed as an initiative by the Chinese government./.