MANILA, Nov. 7 (Xinhua) -- The Asian Development Bank (ADB) said Friday that it has made a 145-million-U.S.-dollar investment in Maynilad Water Services, Inc. to enhance water security and improve wastewater services in Metro Manila.
The ADB is one of two lead cornerstone investors in Maynilad's initial public offering on the Philippine Stock Exchange, the Manila-based bank said in its press release.
The investment will support the development of a resilient water system in the Philippine national capital region by expanding and modernizing water and wastewater infrastructure.
Changing rainfall patterns, economic development, rapid urbanization, and population growth have contributed to intermittent water supply and inadequate access to clean water in the Philippines, particularly in low-income and densely populated areas of Metro Manila, the ADB said.
The ADB's investment will help Maynilad expand water supply coverage by increasing water treatment capacity, reducing water losses, and upgrading water conveyance networks, while improving sewerage and sanitation service coverage by installing new sewer lines, constructing lift and pump stations and interceptor systems, and upgrading facilities, the ADB said.
Maynilad is one of two water utility concessionaires awarded by the government-run Metropolitan Waterworks and Sewerage System to operate waterworks and sewerage services in Metro Manila. ■
