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Philippines project finding funding of $380 million

Staff Writer |
Road in the area around Mindanao in the Philippines will benefit from the provision of a loan worth $380 million.

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This funding package is being supplied by the Asian Development Bank (ADB), WorldHighways reports. The loan will be used for the Improving Growth Corridors in Mindanao Road Sector project.

This is intended to improve and upgrade up to 280km of roads in the area. A further $123 million is being provided by the Philippines Government for the work, which will cost $503 million in all.

Meanwhile financing has been secured for work to the next stage of the 109km Samar Pacific Coastal Project.

The financing comes in the shape of a loan from the Export-Import Bank of Korea. The work on the highway will be carried out in 2018 and 2019.

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