By James A. Loyola
Rizal Commercial Banking Corporation is taking the lead in funding the P19-billion Cebu-Cordova Link Expressway (CCLEX), one of the country’s biggest infrastructure projects.
RCBC is extending P6 billion of the P19 billion project finance facility of CCLEC where a total of six lenders participated.
The project is an 8.5km toll bridge that will connect mainland Cebu and the island of Mactan via Cebu City and Cordova, Province of Cebu. It is envisioned to become an iconic infrastructure project under a Public-Private Partnership arrangement with the local governments of Cebu City and Cordova Municipality.
Proceeds from the facility will partially finance the first public-private partnership (PPP) outside Metro Manila and the first bridge venture of the MPIC Group.
With RCBC Capital as the Co-Lead Arranger and RCBC Trust and Investment group as the mandated Facility Agent and Security Trustee, CCLEX is expected to be completed by 2021 to decongest traffic conditions in the existing bridge connections of Marcelo Fernan and Mandaue Bridges.
With improved traffic flow, the project is seen to spur economic growth in the regions traversed.
“We are excited about this opportunity to be involved in a financially viable project that will bring significant impact in the economy of Cebu,” RCBC Deputy CEO Eugene Acevedo said.