BCDA taps Standard Chartered for Clark projects
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The Bases Conversion and Development Authority (BCDA) is exploring new investment and financing opportunities for Clark as it seeks to sustain the growth of the area as a major economic hub in Central Luzon.
BCDA and Standard Chartered Bank Philippines signed a memorandum of understanding (MoU) to jointly study potential urban development and investment projects in the Clark Freeport Zone in Pampanga and New Clark City in Tarlac.
Open financing opportunities
The agreement could eventually open financing opportunities for projects found to be feasible and commercially viable.
Under the MoU, the two parties will exchange knowledge, conduct quarterly discussions and undertake feasibility studies to assess potential developments.
After the studies, Standard Chartered may recommend financing structures and other forms of support for viable projects.
Backing of a leading international bank
“Having the backing of a leading international bank like Standard Chartered adds credibility to BCDA’s projects and marks a strong vote of confidence for Clark,” BCDA president and CEO Joshua M. Bingcang said.
“More importantly, partnerships like this can help mobilize the capital needed to move viable projects forward. This can ease the financing burden on the government and our private sector partners, while allowing us to pursue more projects that can generate investments, create jobs, and strengthen our communities,” he added.
Has operated in the Philippines for 154 years
Standard Chartered Philippines CEO Michelangelo Kho Samson said the bank, which has operated in the Philippines for 154 years, has supported infrastructure, power, water and technology projects for both the public and private sectors.
