Phl, WB ink loan deal for bus rapid transit project
MANILA, Philippines (Xinhua) - The Philippine government has signed a loan agreement worth $141 million with the World Bank to construct a bus rapid transit (BRT) project for the central province of Cebu, a senior government official said today.
Department of Finance Secretary Cesar Purisima said he inked the loan pact on behalf of the Philippine government on Oct. 14.
Under the agreement, the Washington-based lending agency will provide $116 million from the International Bank for Reconstruction and Development and $25 million from its Clean Technology Fund.
The Cebu BRT project includes the development of segregated BRT bus-ways in the province. It has 33 stations and once completed, it is expected to service an average of 433,000 individuals per day.
"Our improved public finances have enabled us to spend more confidently on public investments supporting our rapid growth. As Cebu City is fast becoming one of our prime urban centers, investing in sound infrastructure lays solid groundwork for a more sustainable growth trajectory," Purisima said.
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