THE World Bank said it approved amendments to the loan agreement for the Metro Manila Flood Management Project, including the cancellation of $22.67 million due to adjusted costings.
In a document addressed to Finance Secretary Ralph G. Recto, the World Bank said the original cost estimate for the project was $207.60 million, which has been reduced to $184.94 million.
The loan now funds feasibility studies, the detailed design and construction of a centralized material recovery facility, and the rehabilitation and improvement of existing decentralized material recovery facilities.
The document also contained a new plan to “carry out neighborhood-level activities near the pumping stations and waterways and drainage channels as targeted in the first component.”
It also extended the project’s closing date to Nov. 30, 2026, from the same date in 2024.
“The Bank hereby cancels, as of Aug. 7, 2024, the amount of $22,665,607.25 from the amounts allocated to Categories (1) and (2) set forth in the withdrawal table in Section IV.A.1 of Schedule 2 to the Loan Agreement,” Zafer Mustafaoglu, country director for the Philippines, Malaysia, and Brunei, said. — Aubrey Rose A. Inosante
