ADB Approves 2.1 Billion USD Loan To Build Bridge In Philippines

ADB Approves 2.1 Billion USD Loan To Build Bridge In Philippines

MANILA, Dec 13 (NNN-PNA) – The Asian Development Bank (ADB), yesterday said, it has approved up to 2.1 billion U.S. dollars in loan, for the construction of a 32.15 km bridge, connecting Bataan and Cavite provinces, across Manila Bay, to decongest Metro Manila, enabling greater mobility of labour and goods, and enhance economic productivity in the country’s largest region of Luzon.

The ADB said, the Bataan-Cavite Interlink Bridge (BCIB) project, one of the Philippine government’s flagship infrastructure projects, will complete the transport loop around Manila Bay and better link Metro Manila to central Luzon and nearby Cavite, Laguna, Batangas, Rizal, and Quezon provinces.

The project will help boost economic activity in these areas, which together account for 60 percent of the country’s gross domestic product, according to the bank.

The project will be financed under a multi-tranche financing facility, with the first tranche amounting to 650 million dollars.

According to the ADB, the project will cut travel time between the provinces of Bataan and Cavite to 1.5 hours from five hours, and to about two hours from four hours between Bataan and Metro Manila.

The ADB said, the traffic decongestion in Metro Manila and the reduced travel time will help lower annual greenhouse gas emissions in the country, by an estimated 79,000 tonnes of carbon dioxide equivalent.

The project will construct one of the world’s longest marine bridges, including two cable-stayed bridges, 24 km of marine viaducts, and a total of eight km approach road in the two provinces.

“This project will transform the economic landscape of central Luzon, unlock the full potential of Bataan and Cavite for trade, manufacturing, and industrial output, and boost their tourism,” said ADB Vice-President for East and Southeast Asia, and the Pacific, Scott Morris.

– NNN-PNA

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