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CDC, finance firm ink pact for Clark bulk-water project

CLARK FREE PORTโ€”Clark Development Corp. (CDC) and International Finance Corp. (IFC) on Wednesday signed a financial advisory services agreement for the Metro Clark bulk surface-water project.

The agreement, signed by CDC president Benigno Ricafort and IFC director for advisory services Laurence Carter at the CDC corporate headquarters, will be followed by the conduct of a feasibility study to identify alternative surface-water sources for the Metro Clark area.

Ricafort said the initial output of the advisory services is the feasibility study that will cover the technical and socioeconomic aspects of the project and will be focused on identifying a reliable and sustainable water source and supply system for the Metro Clark area, the Clark free port and the Clark Special Economic Zone, particularly the Sacobia Valley, dubbed as the โ€œNext Frontier.โ€

He added that the feasibility study will cost $1.7 million. However, CDC will be paying IFC $200,000 for the required services, Ricafort said. IFC will shoulder $500,000 million from its internal funds and will solicit World Bank grants worth $1 million.

The Metro Clark bulk surface-water project aims to develop alternative sustainable water sources that would enable the Metro Clark area to limit the supply from the existing wells, which would allow these resources to recharge and provide a ready supplement during the dry season.

Ricafort said IFC will provide the technical advisory services, review all existing data and information from the various water districts to be serviced by the project, and identify a sustainable and reliable water-supply source in the area.

IFC will also structure the entire project to best suit the actual requirements of all identified stakeholders and prepare the documents that CDC can use to bid out and find an investor that will implement the bulk-water project.

Ricafort said the original concept of the bulk-water project was first brought up by Advocacy for the Development of Central Luzon director Renato Tayag during a meeting of the Metro Clark Advisory Council (MCAC) late last year.

After the meeting, the MCAC formed a technical working group to implement the project and assigned the CDC as the lead implementing agency.

Since then, CDC and IFC had worked closely to gather the initial data they required by sourcing information from different water-distribution providers in adjoining communities of the free port, collectively called the Metro Clark area.

โ€œWe are very thankful that IFC favorably considered our project among its various projects worldwide. With the IFCโ€™s able assistance, we will be able to better plan and address the water requirements of the Clark free port and the Metro Clark vicinity,โ€ Ricafort said.

For his part, Carter expressed his excitement to work closely with CDC for the project.

โ€œThe World Bank Group gives a relatively high priority to water supply and distribution projects, aware that its sound management can help alleviate poverty. We are very happy to be of assistance to the Philippine government through these projects and through CDC,โ€ Carter said.

Ricafort said Clark needs new water sources that would be sustainable, priced competitively, and sufficient and reliable to support its current water requirement and expansion areas to optimize its development potential and maintain its niche as a premier industrial center and logistics hub.

โ€œAs part of its corporate commitment to extend Clarkโ€™s development benefits to communities within its periphery, CDC is leading the initiative to address the water concerns of adjoining communities as well,โ€ said Ricafort.

Currently, Metro Clarkโ€™s water supply is fully sourced from groundwater aquifers, raising serious concerns on the exploitation of these resources and on water security for future demand, Ricafort said.

Agri-Commodities
Written by Butch Gunio / Correspondent

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