ADB approves loan for RP

ADB approves loan for RP

MANILA (AFP): The Asian Development Bank (ADB) on Thursday
approved loans totaling US$70 million to help rehabilitate a key
toll road linking the Philippines capital with the northern
provinces.

Repairs to the narrow, congested and poorly-maintained 84-
kilometer (52-mile) North Luzon Expressway would spur development
of the central and northern portions of Luzon, the country's
biggest island, the Manila-based lender said in a statement.

The $377 million project is to be undertaken by Manila North
Tollways Corp., a limited liability company jointly held by
state-run Philippine National Construction Corp., First
Philippine Infrastructure Development Corp., and Egis Projects of
France.

The Export Finance and Insurance Corp. of Australia,
International Finance Corp., and seven international commercial
banks are also lending to the project.

The ADB funding involves a $45 million loan through its
market-based lending facility, and a complementary loan of $25
million funded by international commercial banks.