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.