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Manila, Philippines, July 31, 2013
– IFC, a member of the World Bank Group, is providing a $100 million loan to Manila Water Company, which is expected to help supply water to an additional 58,000 households by 2017 and expand its water treatment facilities, widening access to clean and affordable water as well as sanitation services.
Manila Water served around 1.24 million households as of 2012. IFC’s loan is expected to help create 18,000 jobs, source an additional 50 million liters of water a day and fund water treatment facilities capable of treating 144 million liters per day. The loan will help bring water services to a total of 1.3 million households by 2017 living in the East Zone concession covering 23 cities and towns in and around Metro Manila.
“Manila Water values IFC's support in its drive toward providing high-quality and affordable water services to more marginalized communities in Metro Manila’s East Zone, and in expanding the coverage of its wastewater services, which will help revive Manila’s rivers,” said Manila Water Company President Gerardo Ablaza. “We are confident that our partnership will contribute to enhancing the quality of Filipinos’ lives for generations to come.”
The loan is an anchor investment for Manila Water’s $1.54 billion capital expenditure for 2013-2017 and builds on IFC’s previous investments in the company, comprising a $30 million loan in 2002 and a $30 million loan and $15 million in equity in 2004.
“This loan is aligned with IFC’s priority of promoting inclusive growth,” said IFC Resident Representative Jesse Ang. “As a strategic partner of Manila Water for the past 10 years, we have seen the company double the number of people with access to clean, affordable water in their homes, which leaves families free to focus on work and reduces water-borne diseases, especially among children.”
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. We help developing countries achieve sustainable growth by financing investment, mobilizing capital in international financial markets, and providing advisory services to businesses and governments. In FY12, our investments reached an all-time high of more than $20 billion, leveraging the power of the private sector to create jobs, spark innovation, and tackle the world’s most pressing development challenges. For more information, visit
www.ifc.org
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