On 10 April, in the presence of Chinese President Xi Jinping and Philippine President Duterte, China Eximbank and Philippine’s Department of Finance officially signed a loan agreement for the Chico River Pump Irrigation Project under the first batch of China-Philippines Intergovernmental Cooperation Infrastructure Program.   

The project involves the construction of an irrigation system consisting of motor pump stations, transmission and transformer substations, and water supply channels, which will provide irrigation to around 4,350 farming households in the surrounding areas. Upon completion, the project is expected to significantly improve the irrigation conditions in Cagayan, substantially raise the income of local farmers, and promote regional economic and social development. This project will become a crucial part of the Philippine government’s endeavor to implement national development strategies. 

Since 2007, financing projects supported by China Eximbank concerning agriculture and municipal works of the Philippines have been completed and achieved positive results. According to the cooperation consensus reached by the leaders of both countries, China Eximbank has gone all out to facilitate the cooperation projects agreed by both sides. The signing of the loan agreement has played a critical role in driving Chinese enterprises to tap the Philippine market and improve local infrastructure. China Eximbank will remain committed to expanding practical cooperation with the Philippines, align the Philippine government’s demand for infrastructure development with the Belt and Road Initiative, and actively facilitate the export of Chinese products, equipment, labor, and services, striving relentlessly to enhance the well-being of the people of both countries.