Manila: Manila based Asian Development Bank (ADB), the region’s biggest aid provider, has thrown its support behind the upgrading of the Mactan Cebu International Airport (MCIA), enforcing the legitimacy of the project that was hounded by controversies early on.
In a statement, ADB said it had approved a $75-million loan for the expansion and renovation of MCIA to boost passenger traffic at the country’s second-largest airport.
The project is expected to support inclusive growth in the Visayas region, the ADB said. Upgrades for MCIA is the first large scale public-private partnership (PPP) project awarded by the Aquino administration.
The financing for the project also includes debt of P20 billion ($450 million) from a consortium of Philippine banks composed of BDO Unibank Inc.; Bank of the Philippine Islands; Development Bank of the Philippines; Land Bank of the Philippines; Metropolitan Bank & Trust Co. and Philippine National Bank.
The loan from ADB and cofinancing from the consortium of private banks will be provided to GMR Megawide Cebu Airport Corporation, a consortium of India’s GMR Infrastructure Ltd and Philippine construction firm, Megawide Construction Corp., which won the bidding for the expansion and upgrade of the airport.
India’s GMR Infrastructure is the fourth largest private airport operator in the world, while Megawide is recognized as a local leader in the use of cutting edge construction technology.
28/01/15 Paolo G. Montecillo/Inquirer.net
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In a statement, ADB said it had approved a $75-million loan for the expansion and renovation of MCIA to boost passenger traffic at the country’s second-largest airport.
The project is expected to support inclusive growth in the Visayas region, the ADB said. Upgrades for MCIA is the first large scale public-private partnership (PPP) project awarded by the Aquino administration.
The financing for the project also includes debt of P20 billion ($450 million) from a consortium of Philippine banks composed of BDO Unibank Inc.; Bank of the Philippine Islands; Development Bank of the Philippines; Land Bank of the Philippines; Metropolitan Bank & Trust Co. and Philippine National Bank.
The loan from ADB and cofinancing from the consortium of private banks will be provided to GMR Megawide Cebu Airport Corporation, a consortium of India’s GMR Infrastructure Ltd and Philippine construction firm, Megawide Construction Corp., which won the bidding for the expansion and upgrade of the airport.
India’s GMR Infrastructure is the fourth largest private airport operator in the world, while Megawide is recognized as a local leader in the use of cutting edge construction technology.
28/01/15 Paolo G. Montecillo/Inquirer.net
