The Asian Development Bank (ADB) and the Bases Conversion and Development Authority (BCDA) have agreed to partner up in promoting and implementing a new planned urban center in Clark, Philippines.
The Clark Green City (CGC), also called the New Clark City, with its strategic location in north west Luzon, is one of the priority projects of the Philippine government’s infrastructure plan. The CGC would cover an area of 9,450 hectares and would house up to 1.12 million people. The development cost is estimated to be around $14 billion.
The advisory services agreement was signed today by Ryuichi Kaga, Head of ADB’s Office of Public-Private Partnership, and Vivencio Dizon, BCDA’s President and CEO.
“Congestion in Manila is a major economic, social, environmental, and development challenge for the Philippines. ADB is committed to helping the Philippine government develop a well-planned, smart, environmentally sustainable, livable city in Clark which would decongest and complement Manila,” said Mr. Kaga.
“ADB is looking forward to supporting BCDA and the Philippine government in planning, designing, and developing a world class urban center for the Clark Green City and contribute to further the economic growth in the Philippines.” He Aded.
This is ADB’s first transaction advisory mandate covering multiple sectors in the Philippines, including transport, waste management, gas distribution network, IT infrastructure, mixed income housing, national government center, and food terminal of CGC. ADB, as BCDA’s mandated transaction advisor, will assist BCDA with the overall evaluation of the plan for the city and assist in running tender processes for suitable PPP projects to attract private sector participation.
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