(Yicai Global) March 9 -- China CAMC Engineering Co., a unit under state-owned China National Machinery Industry Corp., plans to build a USD73-million water conservation facility in the Philippines.

The Beijing-based firm signed a deal with the National Irrigation Administration of the Philippines yesterday, it said in a statement. The plant will take 36 months to complete and include a lifting pump station, substation and supporting facilities on the bank of a river on Luzon Island.

The contract value is about 5.7 percent of the CAMC's total operating revenue for 2016, it said, adding that the project will positively impact profits for the next three years and help the company expand its market share in Southeast Asia.

The Philippines is one of many countries along the route of China's Belt and Road Initiative, a 30- to 40-year grand plan designed by President Xi Jinping in 2013. The program looks to develop a vast infrastructure and trade routes via land and sea in Asia, Africa and Europe, and countries within its bounds have seen increased investment from China since the scheme began.

CAMC, founded in 2001, engages in international engineering contracts and overseas investment and trade. It has completed almost 100 engineering, procurement and construction projects and equipment exports across Asia, Africa, the Americas and Eastern Europe.