Duterte Witnesses Signing of Loan Agreement for Manila-Laguna Rail Project – Manila Bulletin

[ad_1]

President Duterte witnessed the signing between the government and the Asian Development Bank (AfDB) on Thursday evening of a loan agreement that will finance the construction of a railway system that will easily connect Metro Manila and Laguna Province. .

Duterte honored the signing ceremony held at Malacañang Palace between the government, through the Ministry of Finance, and the AfDB of the loan agreement worth $4.3 billion for the road project 54.6 kilometer southern suburban railway.

The project is expected to have 18 stations that will pass through 10 cities, including Manila, Makati, Taguig, Parañaque and Muntinlupa in the National Capital Region, as well as San Pedro, Santa Rosa, Cabuyao and Calamba in Laguna.

When completed, the rail system will reduce travel time between Manila and Calamba City from 2.5 hours to just one hour.

The government envisions the project to provide reliable and safe public transportation to all Filipino commuters.

On June 9, the AfDB approved the loan, which is considered the bank’s largest infrastructure financing in the Asia-Pacific region to date.

The project follows AfDB financing of the Malolos-Clark railway line north of the capital, the construction of which is underway.

“The Southern Commuter Railway project will provide affordable, safe, reliable and fast public transport to commuters,” said AfDB Vice President for East Asia, South Asia. East and the Pacific, Ahmed M. Saeed, in a recent statement.

“This project represents the AfDB’s largest infrastructure investment and reflects our commitment to helping the Philippines achieve its goals of reducing poverty, improving the lives of Filipinos and achieving green economic growth, resilient and elevated,” he added.

SUBSCRIBE TO THE DAILY NEWSLETTER

CLICK HERE TO JOIN

[ad_2]
Source link

Comments are closed.