ADB approves US$1.7 bn financing to boost Philippines' regional connectivity

The Asian Development Bank (ADB) on Thursday said it has approved financing of up to almost 1.7 billion U.S. dollars to help build a climate-resilient 37.5 km expressway along the Philippines' biggest lake to promote regional connectivity.

The Laguna Lakeshore Road Network Project (LLRN) aims to provide the most resilient road link within the southern Manila transport corridor and cut peak hour travel time between Taguig City in Metro Manila and Calamba City in Laguna province by 25 percent.

According to the ADB, part of the new expressway includes bridges and viaducts that will traverse waterways flowing into the Laguna Lake, located southeast of Manila, benefiting about 3.47 million people residing along the lake and nearby areas and improving access to markets and public services.

The ADB's support to LLRN will be via a multitranche financing facility consisting of two loans, a 1.2-billion-dollar first-tranche loan and a 509.5-million-dollar second-tranche loan.

(Source: Xinhua)

Related News:

Bank of East Asia estimates better economic environment in HK for Q4 compared to last quarter

The Force commends outstanding bank staff for helping police combat scams