Advertisement

Cebu expressway builder obtains P19-b bank loan

Cebu Cordova Link Expressway Corp., a unit of  Metro Pacific Tollways Corp., said Thursday it signed a P19-billion syndicated loan facility to finance the construction of the Cebu-Cordova Link Expressway project.

CCLEC signed the 15-year omnibus loan and security agreement with Rizal Commercial Banking Corp., Development Bank of the Philippines, Robinsons Bank Corp., Union Bank of the Philippines, Bank of the Philippine Islands and Security Bank Corp.

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 cost of about P30 billion.

The remaining funding requirements will be shouldered by the project company. Actual construction started on July 5, 2018.  

All 21 piles of the main bridge’s Tower 2 were completed while 17 of 21 piles at Tower 1 were 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 completed by 2021, CCLEX is expected to serve 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, spur economic growth and boost investments not just in Cebu City and Cordova town, but also in the entire Cebu province and the Visayas region.

MPTC co-owns, manages and operates the concessions of the North Luzon Expressway, the Subic Clark Tarlac Expressway and the Manila-Cavite Expressway.

MPTC is also building other toll roads such as the Cavite Laguna Expressway, the NLEx Connector Road and the expansion of NLEx. MPTC also has substantial investments in several toll roads in Thailand, Vietnam and Indonesia.

Topics: Cebu Cordova Link Expressway Corp. , Metro Pacific Tollways Corp. , Cebu-Cordova Link Expressway
COMMENT DISCLAIMER: Reader comments posted on this Web site are not in any way endorsed by Manila Standard. Comments are views by manilastandard.net readers who exercise their right to free expression and they do not necessarily represent or reflect the position or viewpoint of manilastandard.net. While reserving this publication’s right to delete comments that are deemed offensive, indecent or inconsistent with Manila Standard editorial standards, Manila Standard may not be held liable for any false information posted by readers in this comments section.
AdvertisementGMA-Congress Trivia 1
Advertisement