Manila Water Asia Pacific Pte. Ltd. (Manila Water Asia Pacific), a subsidiary of Ayala-led Manila Water Company, Inc., has signed a memorandum of understanding (MOU) with the International Finance Corporation (IFC) for the collaborative exploration of opportunities to provide water, used water, and environmental services in areas of South East Asia Pacific and Asia Pacific region in need of urgent sustainable solutions.
Manila Water Asia Pacific and IFC intend to jointly identify, evaluate, develop and implement projects that will benefit geographies across Asia Pacific Region. Over one 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.
For its part, the Manila Water subsidiary will share the enterprise’s twenty 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. The Manila Water enterprise has supported the lives of marginalized groups across the region by making clean, safe, reliable water supply accessible and putting forward proper used water management in its service areas.
Virgilio Rivera, Jr., Manila Water Philippine Ventures and Manila Water Asia Pacific President and CEO shared that the World Bank investment arm has played a catalyst role during the initial years of Manila Water’s east zone concession providing debt financing and subsequently taking an equity position.
For several years now, IFC has been a long-standing partner of Manila Water, lending financial support to the water company’s investments as well as its water for the poor projects within and beyond Metro Manila.
“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.