ADB approves 1.7 billion USD financing to boost Philippines` regional connectivity
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The Asian Development Bank (ADB) on Thursday said it has approved financing of up to almost $1.7 billion to help build a climate-resilient 37.5 km expressway along the Philippines' biggest lake to promote regional connectivity.
The Laguna Lakeshore Road Network Project (LLRN) aims to provide the most resilient road link within the southern Manila transport corridor and cut peak hour travel time between Taguig City in Metro Manila and Calamba City in Laguna province by 25 per cent, Xinhua news agency reported.
According to the ADB, part of the new expressway includes bridges and viaducts that will traverse waterways flowing into the Laguna Lake, located southeast of Manila, benefiting about 3.47 million people residing along the lake and nearby areas and improving access to markets and public services.
The ADB's support to LLRN will be via a multitranche financing facility consisting of two loans, a $1.2-billion first-tranche loan and a $509.5-million second-tranche loan.
