AfDB plans $ 1.7 billion loan for railway project in the Philippines
“The Philippine government has won tenders for civil works contracts for a total of 40.5 km of viaduct structures for the Southern Suburban Railway Project, a major flagship project that the AfDB is carrying out. preparing for financial support for consideration by its board of directors in the fourth quarter of this year, ”the bank said in a report.
It is reported that the loan is AfDB’s biggest financing for the Philippines this year.
The project is also called PNR Calamba and is part of the 147-kilometer (km) North-South Suburban Rail Network (NSCR).
When completed, it will cut the travel time from Clark International Airport in Pampanga province north of Metro Manila to Calamba town in the south from over four hours to one and a half hours. The system will carry up to 1 million passengers every day.
At auction in July, the PNR Calamba attracted 23 bids from 17 international companies and six local companies wishing to participate in the construction of the rail system.
Infrastructure expert John Yeap of Pinsent Masons, the law firm behind Out-Law, said, “Metro Manila needs significant improvements to its public transportation system. There is no doubt that this rail project will be welcome by daily commuters who currently have to endure long journey times, often in uncomfortable conditions. The tender attracted a stellar list of bidders, which bodes well for the success and completion of the project on time.