MANILA, Philippines — The government and the Asian Development Bank (ADB) on Thursday signed a $1.3-billion loan agreement for the Malolos-Clark Railway Project (MCRP).
Finance Secretary Carlos Dominguez signed on behalf of the Philippines while ADB Vice-President Ahmed Saeed signed for the Manila-based multilateral lending bank.
The signing ceremony was witnessed by President Rodrigo Duterte in Malacañang.
President Duterte witnesses signing of the loan agreement for the Malolos-Clark railway project. @inquirerdotnet pic.twitter.com/FuzcdLxEe1
— Darryl John Esguerra (@DJEsguerraINQ) July 11, 2019
The amount is the first tranche for the total $2.75-billion loan that will be used for the railway project.
In his speech, Duterte directed the Department of Transportation “to fast track the completion of the MCRP and observe the highest quality standards as we complete this railway project.”
“By the time it is completed, I expect that our people, especially those from Central Luzon, will greatly feel the impact of our Build, Build, Build program,” the President said.
The 53-kilometer MCRP is part of the government’s North-South Commuter Railway project, which aims to link New Clark City to Calamba by 2025.
The Japan International Cooperation Agency (JICA) is co-financing the project with additional financing of up to $2 billion for rolling stock and the railway systems. /kga