Philippine Finance Secretary, Carlos Dominguez III, and the Asian Development Bank Vice-President, Ahmed Saeed, signed a USD 1.3 billion loan for the Malolos–Clark railway project. The agreement was signed in the presence of Philippine President, Rodrigo Duterte.
This is ADB’s first tranche of a total USD 2.75 billion loan for the Malolos–Clark project.
“The Malolos–Clark Railway Project is ADB’s single largest infrastructure project financing ever at $2.75 billion. We are pleased to be supporting this important flagship project in our host country,” Saeed said.
JICA is co-financing the project with an additional financing of up to USD 2 billion for the rolling stock and the railway systems.
The Malolos–Clark railway is part of the North–South Commuter railway project, which aims to link New Clark City to Calamba by 2025. The project will use cutting-edge technology to build an elevated railway line, with a maximum train speed of 160 km/h, to help ease chronic road congestion in and around Metro Manila, reduce air pollution, cut the costs of transport and logistics, and encourage economic growth and a population shift outside the capital.
Civil works contracts under the project are being bidded out, with the first contract awards expected in the fourth quarter of this year.