Manila Water, IFC eye Asian projects
Manila Water Asia Pacific Pte. Ltd., a subsidiary of Manila Water Company Inc., signed a memorandum of understanding with International Finance Corp. to explore opportunities in providing water, used water and environmental services in Asia-Pacific.
Manila Water Asia Pacific and IFC said in a statement the plan was to jointly identify, evaluate, develop and implement projects that would benefit geographies across Asia Pacific.
More than a billion people in the region is estimated to lack access to proper water supply and sanitation and is continuously challenged by the increasing exposure to water-related illnesses.
IFC brings into the partnership its assistance in promoting sustainable private sector investment and forging alliances to improve the lives of impoverished communities in developing countries.
IFC will identify opportunities, as well as the prospective governmental entities, local partners and project owners to whom Manila Water Asia Pacific may work and share their technical expertise.
The Manila Water subsidiary will share the enterprise’s 20 years of experience and leading expertise in transforming the lives of millions of people from the different parts of the Philippines to the key cities of Vietnam, Myanmar and Indonesia.
Manila Water Philippine Ventures and Manila Water Asia Pacific president and chief executive Virgilio Rivera Jr. said IFC, the World Bank investment arm, played a catalyst role during the initial years of Manila Water’s east zone concession, providing debt financing and subsequently taking an equity position.
“Manila Water plans to expand in South East Asia region having established a solid position in Vietnam as well as strategic inroads in Bandung and Yangon. We hope to further leverage IFC’s regional network as we assess these new markets as well as engage new partners. We will continue to rely on IFC’s guidance on how to navigate these new market,” said Rivera.