IFC spends bread on Filipino water

The IFC yesterday announced a $50 million equity and debt investment in Manila Water.

Water may not be a sexy investment in most parts of the world, but in Manila the IFC clearly begs to differ. The private sector investment arm of the World Bank, has just sunk $50 million of loans and equity into the Ayala-controlled Manila Water.

The water and sewage company has a 25 year concession that encompasses an area of Manila holding 5 million people, of which it serves around 85%. Adding to the mix it plans a $70-100 million domestic IPO next year.

Domestic IPOs in the Philippines are not frequent. The last IPO was in 2002 - a $121 million deal for Bank de...

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