Major Milestone in Philippine Infrastructure Development
The China-backed Asian Infrastructure Investment Bank (AIIB) has approved a $350-million loan to fund the first tranche of the $3.91-billion Bataan-Cavite Interlink Bridge project. This approval, granted on May 15, 2024, completes the $1-billion first tranche financing, following the Philippine government’s $650-million loan secured from the Asian Development Bank (ADB) in December 2023.
Project Financing and Structure
The Bataan-Cavite Bridge project, aimed to be one of the world’s longest maritime bridges, is financed through a multi-tranche scheme:
- ADB: $2.1 billion
- AIIB: $1.14 billion
- Philippine Government: $664.23 million
This infrastructure project is a key component of the Marcos administration’s Build Better More Program, enhancing connectivity and promoting sustainable infrastructure in the Greater Manila Area.
Economic and Connectivity Benefits
Spanning 32.15 kilometers, the bridge will connect Barangay Alas-asin in Mariveles, Bataan, and Barangay Timalan Concepcion in Naic, Cavite. It is set to reduce travel time between these points from five hours to just 1.5 hours, fostering economic growth and improving tourism by facilitating easier trade and access.
AIIB’s Commitment
AIIB Acting Vice President for Investment Operations, Rajat Misra, emphasized the project’s significance in promoting inclusive and sustainable growth. He highlighted the focus on climate-resilient infrastructure and the use of technology to enhance connectivity and economic development while mitigating environmental impact.
Construction Phases
The bridge construction is divided into seven contract packages:
- Package 1: 5-kilometer Bataan Land Approach
- Package 2: 1.35-kilometer Cavite Land Approach
- Packages 3 and 4: Marine Viaducts in the North and South (20.65 kilometers total)
- Packages 5 and 6: North Channel and South Channel Bridges (2.15 and 3.15 kilometers respectively)
- Package 7: Project-wide ancillary works
Approximately 80% of the structure will be built over the sea, including two navigational bridges: the 400-meter North Channel Bridge and the 900-meter South Channel Bridge, which will traverse Corregidor Island.