ADB approves up to $4.3 billion loan for Philppine railway project
Reuters
Published Jun 09, 2022 05:54AM ET
MANILA (Reuters) - The Asian Development Bank (ADB) said on Thursday it has approved a loan of up to $4.3 billion for a railway project in the Philippines, a much-needed boost for its ageing rail infrastructure.
From more than 1,100 kilometers (683.5 miles) prior to World War II, the Philippines had only 77 km of operational railway as of 2016, well behind other urban centres across Asia, government data shows.
The 55-kilometre South Commuter Railway project is ADB's largest infrastructure financing in the Asia and Pacific region to date, the bank's vice president Ahmed Saeed said in a statement.
The project will halve travel time between Manila and Calamba city in Laguna province, from the current 2.5 hours. The Japan International Cooperation Agency is funding the rolling stock and railway systems.
All ADB-financed infrastructure like civil works for the railway viaduct, 18 stations, bridges, tunnels, and depot buildings will be designed to be disaster-resilient and able to withstand typhoons and earthquakes, according to the statement .
In 2019, the Manila-based lender committed to fund a $2.5 billion railway line north of the capital that is currently under construction.
Two railway projects were completed under President Rodrigo Duterte while six are underway and six more have yet to start construction. Upon completion, the Philippines will have 1,209km of railways.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.