Australia has more than doubled funding to help the Philippines start private-public sector partnership (PPP) projects, announcing up to $9 million in additional co-financing arrangements with multilateral agencies.
The Australian Agency for International Development (AusAID) will tie up with the World Bank and its private sector financing arm, the International Finance Corp. (IFC), to put more PPP projects in the pipeline, an AusAID fact sheet released after the Philippines-Australia Ministerial Meeting last week said.
Co-financing with the IFC and World Bank will involve grant funding of $4.5 million each over a three-year period to 2013. This is on top of an $8.5-million co-financing deal with the Asian Development Bank (ADB) announced in April, in which AusAID will provide $7 million. AusAID put total grants for the three programs at approximately $15 million.
Funding will “help carry out successful PPP projects and improve the government’s capacity to develop, package, competitively tender and implement PPP projects. It will also seek to facilitate a more enabling policy, legal, regulatory, and institutional framework for PPP,” AusAID said.
The AusAID-IFC funding will focus on “quick wins” and fast-track high-priority PPP projects up to the awarding of contracts. Consultants will help analyze legal and regulatory risks, assess financial, social and environmental concerns, and draw up agreements.
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