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.