Monday 25 March
OPEC Organization of Petroleum Exporting Countries May 15, 2018 @ 18:15

OPEC financing arm wants a slice of Duterte’s ‘Build’ projects: Targets Agus power plant

 

An Organization of Petroleum Exporting Countries (OPEC)-funded financial institution which aims to reduce poverty has offered to help finance the Duterte administration’s ambitious “Build, Build, Build” infrastructure modernization program.

Officials of the OPEC Fund for International Development (OFID) expressed their “keen interest to assist and collaborate” with the Philippine government during a meeting with Finance Sec. Carlos Dominguez III, the Department of Finance said in a statement Monday.

Dominguez told the OFID officials that they can begin by assisting in efforts to rebuild the devastated city of Marawi in Mindanao as well as to take part in the development of New Clark City in Pampanga.

The finance chief also informed them about the planned rehabilitation of the Agus power plant in Lake Lanao in Marawi City, Mindanao, which has been operating at a reduced 40-percent capacity.

OFID’s director for Asia Anajulia Taylhardat said they would be “very happy to support” these types of projects and singled out the Agus power plant saying the OFID would be “very interested in working” on its rehabilitation.

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