The Asian Development Bank (ADB) has approved up to almost $1.7 billion (P99 billion) in funding for the Laguna Lakeshore Road Network Project (LLRN), a project that is expected to reduce the problems of traffic and flooding in cities around the lake.
The ADB said the support to the LLRN will be via a multitranche financing facility consisting of two loans, one for $1.2 billion and another for $509.5 million, respectively.
The Asian Infrastructure Investment Bank is co-financing the project with an additional $188.2 million loan.
Under the LLRN, the ADB will fund the construction of a 29.56-km section of the new expressway, including bridges and viaducts that will traverse waterways flowing into the Laguna Lake.
The ADB said the project aims to provide the most resilient road link within the southern Manila transport corridor and cut peak hour travel time between Taguig City to Calamba City, Laguna province by 25 percent.
The 7.89-km northern section of the new expressway will be funded by a USD904.35 million loan from the Export–Import Bank of Korea, Economic Development Cooperation Fund under a parallel financing scheme.
“This investment further cements ADB’s commitment to help transform our host country’s transport infrastructure by facilitating climate- and disaster-resilient and sustainable development," ADB Country Director for the Philippines Pavit Ramachandran said.
The project will help link people to jobs and business opportunities, reduce transport costs and traffic congestion, and improve the efficiency of the overall transport network in Metro Manila and nearby regions,” he added.
(With report from PNA)
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