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Manila Bulletin devider Business devider Cebu Cordova Link Expressway project granted P19-B bank funding

Cebu Cordova Link Expressway project granted P19-B bank funding

Published Feb 7, 2019 12:00 am
By Emmie V. Abadilla The Cebu-Cordova Link Expressway (CCLEX) proponents yesterday announced they have secured a P19-billion syndicated loan facility to complete the project. Cebu Cordova Link Expressway Corporation (CCLEC) signed a 15-year omnibus loan and security agreement with the Rizal Commercial Banking Corporation, Development Bank of the Philippines, Robinsons Bank Corporation, Union Bank of the Philippines, Bank of the Philippine Islands and Security Bank Corporation. Under a concession with the local governments of Cebu City and Cordova, CCLEC will construct, own and operate the 8.5-kilometer toll bridge project with a total project cost of about P30 billion. The remaining funding requirements will be shouldered by the project company. Actual construction has started last July 5, 2018. All 21 piles of the main bridge’s Tower 2 have been completed while 17 out of 21 piles at the Tower 1 have been erected. These form part of the bridge’s main foundation. Piling works for the other project components such as the Cebu South Coastal Road on-ramp and viaduct are underway. Once CCLEX completes the project in 2021, it will benefit 50,000 vehicles daily, reducing traffic congestion at the existing two bridges connecting Mactan and mainland Cebu. It is also expected to beef up Cebu’s road network, help spur economic growth and boost investments not just in Cebu City and Cordova Municipality, but also in the entire Cebu Province and Visayas region. CCLEC is a subsidiary of Metro Pacific Tollways Corporation (MPTC), the largest toll road developer in the Philippines. MPTC currently owns, manages and operates the concessions of the North Luzon Expressway (NLEX), the Subic Clark Tarlac Expressway (SCTEX) and the Cavite Expressway (Cavitex). MPTC has other toll roads currently under construction, namely the Cavite Laguna Expressway (CALAEX), the NLEX Connector Road as well as the ongoing expansions of the NLEX. MPTC also has substantial investments in other toll roads in southeast Asia notably in Thailand, Vietnam and Indonesia.
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