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19 February 2019

Funding secured for Philippines road projects

First published19/02/2019

A loan package has been sourced for the Cebu Cordova Link Expressway project in the Philippines. The project is being handled by the Cebu Cordova Link Expressway Corporation (CCLEC). The US$350.4 million loan will be for 15 years and has been provided by a group of finance sources. The financial backers are the Union Bank of the Philippines, Rizal Commercial Banking Corporation, Robinsons Bank Corporation, Development Bank of the Philippines, Bank of the Philippine Islands and Security Bank Corporation.

CCLEC has the deal to construct and operate an 8.5km toll bridge project. Construction work for the bridge commenced in mid-2018, with all 21 piles for Tower 2 having been completed while 17 out of 21 piles for Tower 1 have been installed. The project is due for completion in 2021, the Cebu-Cordova Link Expressway (CCLEX) will benefit 50,000 vehicles every day.

Funding worth $202 million is being provided by the Japanese Government for road upgrade work in the Philippines. The work will be carried out in the Mindanao Region. Work is already starting on the first series of projects, which will be worth $15.5 million.

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