Wednesday, November 19, 2014

World Bank eyes $3-B Clark project

(Photo: Peregrine Development International, Inc.)

A $3-billion development, Sabah Al Ahmad Global Gateway Logistics City (GGLC) has attracted the interest of the World Bank, the international financial institution of the United Nations. 

The World Bank recently expressed its interest in supporting the development of the upcoming city. At 177 hectares, the GGLC is pegged as a “Logistics and Business Center of Excellence.” 

Backed by Kuwaiti investors KGL Investment Co., the project was named after King Sabah Al Ahmad of Kuwait, and it is set to take shape at the Clark Freeport Zone in Pampanga.

The World Bank’s executive director for the Middle East Hasan Mirza stated the bank’s interest during a visit to the GGLC. According to Mirza, a project like the GGLC is equipped to contribute toward a stronger economy, and to the development of a decent life, both of which are in line with the World Bank’s objectives. 

The World Bank has been in negotiation to invest in the city since a year and a half ago, said Mirza. Only minimal details are pending finalization, to date.

The GGLC is a mixed-use, masterplanned township designed with four major zones: the Logistics Park, for warehousing, distribution, and light manufacturing operations; the Business Park, which provides for office requirements; the Aero Park, committed to research and development, modeling and simulation, IT, and centers of higher learning; and, finally, the Town Center, a retail and shopping center.

The GGLC includes the $3-billion Medical City Clark, a major asset said to create a total of 300,00 jobs and an annual payroll of $600 million. The hospital is poised for turnover to the Medical City in December. Its official inauguration is set in early 2015.



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