Thursday, July 11, 2019

Gov’t, ADB ink $1.3B initial financing for Malolos-Clark railway

The Philippines on Thursday inked the initial $1.3 billion financing deal with the Asian Development Bank for the construction of the Malolos-Clark railway.

Finance Secretary Carlos Dominguez and ADB Vice President Ahmed Saeed signed the loan agreement at the Malacañang Palace Thursday.

“Under President Duterte’s ‘Build, Build, Build’ infrastructure program, ADB is considerably scaling up to its own support to the government,” Saeed said during the signing.

The Manila-based lender earlier said it approved financing of $2.75 billion for the railway, which will be distributed in 4 tranches.

The amount is the biggest financing project of ADB for a single infrastructure project, Saeed said.

The 53.1-kilometer train line will connect Malolos in Bulacan to the Clark International Airport in Pampanga. It is expected to cut travel time from Manila to Clark to less than an hour and to serve 342,000 passengers daily.

The Malolos-Clark line is part of the 163-kilometer North-South Commuter Railway Project, which aims to connect New Clark City to Calamba in Laguna. It is expected to be completed by 2025.

https://news.abs-cbn.com/news/07/11/19/govt-adb-ink-13b-initial-financing-for-malolos-clark-railway

Gov’t, ADB sign $1.3-B loan deal for Malolos-Clark Railway Project

The government and the Asian Development Bank (ADB) on Thursday signed a $1.3-billion loan agreement for the Malolos-Clark Railway Project (MCRP).

Finance Secretary Carlos Dominguez signed on behalf of the Philippines while ADB Vice-President Ahmed Saeed signed for the Manila-based multilateral lending bank.

The signing ceremony was witnessed by President Rodrigo Duterte in Malacañang.


The amount is the first tranche for the total $2.75-billion loan that will be used for the railway project.

https://business.inquirer.net/274436/govt-adb-sign-1-3-b-loan-deal-for-malolos-clark-railway-project

Philippines, ADB sign $1.3-B loan deal for Malolos-Clark railway

The Philippines and the Asian Development Bank on Thursday signed a $1.3 billion loan, the first tranche of the $2.75-billion facility, for the Malolos–Clark Railway Project (MCRP).

The MCRP ADB's single largest infrastructure project financing ever.

Finance Secretary Carlos Dominguez III and ADB vice president Ahmed Saeed signed the loan agreement in a ceremony witnessed by President Rodrigo Duterte in Malacañang.

"We are pleased to be supporting this important flagship project in our host country," Saeed said in his speech.

The Japan International Cooperation Agency (JICA) is supporting the project with an additional funding of up to $2 billion for the rolling stock and the railway systems.

In his speech, Duterte directed the Department of Transportation to fast track the completion of the MCRP and observe the highest quality standards.

Once finished, the MCRP is expected to cut the travel time from Metro Manila to the Clark International Airport to less than an hour, compared with two to three hours by car or bus today.

It is expected to be partially operational in 2022, and is expected to accommodate about 342,000 passengers daily, which is expected to increase to as much as 696,000 passengers daily, traveling to Calamba by 2025.

According to the ADB, the project will use cutting-edge technology to build an elevated railway line, with a maximum train speed of 160 kilometers per hour, to help ease traffic congestion in and around Metro Manila, reduce air pollution, cut the costs of transport and logistics, and encourage economic growth and a population shift outside the capital.

"By the time it is completed, I expect that our people, especially those from Central Luzon, will greatly feel the impact of our 'Build, Build, Build' program," Duterte said.

"As we pursue these endeavors, I expect [you] to embody excellence, integrity and accountability of us here in government as we journey towards inclusive and sustainable growth."

The ADB said civil works contracts under the project were being bid out, with the first contract awards expected in the fourth quarter of 2019. —NB, GMA News

https://www.gmanetwork.com/news/news/nation/700736/philippines-adb-sign-1-3-b-loan-deal-for-malolos-clark-railway/story/

PH gov't, ADB sign loan for Malolos-Clark railway project

Philippine Finance Secretary Mr. Carlos Dominguez III and Asian Development Bank (ADB) Vice-President Mr. Ahmed M. Saeed on Thursday signed a USD1.3 billion loan, the first tranche of a total USD2.75 billion facility, for the Malolos–Clark Railway Project in a ceremony witnessed by Philippine President Rodrigo Duterte at the Malacañan Palace.

“Our work in the Philippines has always held a special place in the history of ADB. Now, under President Duterte’s ‘Build, Build, Build’ infrastructure program, ADB is considerably scaling up its own support to the government,” Saeed said.

“The Malolos–Clark Railway Project is ADB’s single largest infrastructure project financing ever at USD2.75 billion. We are pleased to be supporting this important flagship project in our host country.”

The Malolos–Clark railway is part of the Philippine government’s North–South Commuter Railway project, which aims to link New Clark City to Calamba by 2025.

The project will use cutting-edge technology to build an elevated railway line, with a maximum train speed of 160 kilometers per hour, to help ease chronic road congestion in and around Metro Manila, reduce air pollution, cut the costs of transport and logistics, and encourage economic growth and a population shift outside the capital.

The Japan International Cooperation Agency (JICA) is co-financing the project with an additional financing of up to USD2 billion for the rolling stock and the railway systems.

The Malolos–Clark project is a result of close collaboration between ADB, JICA, and the Department of Transportation. During project preparation, a joint technical team from the department and the two institutions conducted regular “Build, Build, Build” meetings, with reporting to Transportation Secretary Arthur Tugade.

ADB’s safeguard and resettlement policies were adopted and are being implemented for the project.

Civil works contracts under the project are being bidded out, with the first contract awards expected in the fourth quarter of this year.

Other ADB projects under preparation for this year include the EDSA Greenways Project, which will construct elevated walkways along busy intersections in Metro Manila, and additional financing for the metropolis’ main water supply system under the Angat Water Transmission Improvement Project.

Also under preparation is additional financing for the Infrastructure Preparation and Innovation Facility, which will help prepare feasibility studies and detailed engineering designs of other flagship projects of the government.

ADB assistance to the Philippines is expected to hit a record USD2.5 billion for 2019, more than double its average annual financing of USD1 billion in the last three years.

ADB’s future proposed projects include financing for the Blumentritt–Calamba section of the North–South Commuter Railway project in 2020, as well as the railway extension to New Clark City in 2022, with co-financing from JICA.

ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty.

In 2018, it made commitments of new loans and grants amounting to USD21.6 billion. Established in 1966, it is owned by 68 members -- 49 from the region.

https://www.pna.gov.ph/articles/1074732